Wedbush Securities anticipates a robust holiday sales season for Apple's (AAPL, Financial) newly launched iPhone 16 series. The firm reaffirms its "outperform" rating for Apple, setting a 12-month price target of $300, which corresponds to a market cap expectation of $4.5 trillion. Notably, Wedbush predicts Apple's market cap could surpass $4 trillion by early next year.
Analyst Dan Ives highlights a potential "supercycle" as millions globally prepare to upgrade to AI-enabled iPhones. He estimates that around 300 million iPhones haven't been upgraded in over four years. Ives projects Apple could sell a record 240 million new iPhones in fiscal 2025, surpassing market expectations of 207.6 million units.
Apple's strong holiday sales, driven by the iPhone 16, could mark the beginning of a growth revival over the next 12 to 18 months. The company is also expected to expand its AI features to core markets like China by April, potentially boosting demand further.
