Wedbush Jazzed Over iPhone Strength in China

26 APRIL 2022 - While CIRP focuses on iPhone strength in the States, Wedbush analyst Daniel Ives is seeing strength for Apple’s rap-rod both here and in China. Apple 3.0 had the analyst tossing in his two-cents ahead of this week’s Apple earning report. 

According to Ives, he and his team think “the underlying iPhone 13 demand story for Cupertino both domestically and in China is trending ahead of Street expectations.” They also “believe the pent-up demand story is still being underestimated by investors and will be a laser focus of the Street later this week.” On China specifically, Ives & Co:

…estimate that Apple has gained (…) market share in the key China region over the last 12 months on the heels of its 5G iPhone 12/iPhone 13 Tag Team product cycle. 

And folks there are buying at the high-end, “with more consumers focused on the Pro/Pro Max,” in Ives’ estimation. Assuming that’s so, that’ll be good for Apple’s bottom line.

Ives has an “Outperform” rating on Apple shares. His price target on the shares is $200.