Wedbush Sets Apple Bull Case Price Target At ‘Street High’ $700

Never to be outdone by its sell side competitors, the deep thinkers over at Wedbush (who just anointed Tesla with a $3,500 price target hours ago) have now slapped a ‘street high’ $700 bull case price target on Apple shares this morning.

The target comes after the NASDAQ has rallied to new all time highs nearly every day this month. Apple has similarly been on a tear, rising from about $370 to the $500 level over the course of barely a month. Apple is also up more than 120% off of its March lows.

Apple, like Tesla, has seen its shares helped along upward by retail investors buying them on news of a forthcoming split which, of course, adds no actual value to either company’s equity. 

But this run-up hasn’t stopped Wedbush from putting out the “most bullish view” on the stock out of any shop. Analyst Daniel Ives wrote that “a further re-rating of Apple’s stock is on the horizon as Cupertino heads into this transformational iPhone product cycle.”

He called Apple’s opportunity with the 5G iPhone a “once in a decade” opportunity – noting that the launch of the new phone comes at a time when “a significant percentage of worldwide iPhones are in the window of an upgrade opportunity”. Ives thinks that about 350M of the 950M iPhones globally are due for an upgrade. 

He has also said the company has seen “eye popping” growth in both wearables and its services business. 

Ives gave Apple’s services business a $950B valuation “given the increasingly importance of this key revenue stream that is getting new appreciation by investors.” He predicts AirPod unit sales of 90M this year versus 65M in 2019.

Apple’s stock split is set for August 31.

With the way shares have been moving, it’ll be time for another split as soon as this one has consummated…