Supply chain checks in Asia bode well for Apple (AAPL) iPhone demand this quarter, a Wall Street analyst said Wednesday as he raised his price target on Apple stock.
Wedbush Securities analyst Daniel Ives reiterated his outperform, or buy, rating on Apple stock. He also upped his 12-month price target to 190 from 180.
“Our Asia iPhone supply chain checks this week have been incrementally more positive, with a modest uptick in demand coming out of China for Apple with a clear demand rebound happening in this key region post-December despite the uncertain macro backdrop,” Ives said in a note to clients.
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“We are seeing no major unit cuts from suppliers in Asia around iPhone production yet, which is a good sign that shows a steady demand curve,” Ives said. READ MORE