How Wedbush’s Daniel Ives got to a Street-high Apple target of $150

Twenty price targets in 23 months, not counting his “bull” cases.

From a note to clients that landed on my desktop Monday:

Tomorrow Apple will host a virtual launch event focused on the next generation Apple Watch and iPad Air, which is the drumroll to the main event likely slated for the first week in October in which we expect Cook & Co. to officially unveil its linchpin iPhone 12 product cycle…

Bull case remains $175. In a nutshell, we believe the iPhone 12 cycle and Rock of Gibraltar services segment will be a game changer for Cupertino and recent weakness in shares creates a golden buying opportunity in Apple. Our base case price target is $150 with our bull case $175 as we maintain our OUTPERFORM rating with this being our favorite 5G play.

Cue the timeline:

apple wedbush targets

Click to enlarge.

My take: Every new target is another chance to get on CNBC.

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