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Apple stock is poised to surge nearly 50% as it heads toward its most important day in a decade, Wedbush says

Matthew Fox
·2 min read
The iPhone 15 on display at an event.
Apple announced the iPhone 15 at its 'Wonderlust' event earlier in SeptemberGetty Images

  • Apple's upcoming WWDC on June 10 represents its "most important event in a decade," according to Wedbush analyst Dan Ives.

  • Ives expects the company to unveil a host of AI features that will help power an iPhone 16 supercycle.

  • Ives increased his Apple price target to a street-high $275, representing potential upside of 47%.

Apple will be worth more than $4 trillion next year as it benefits from a massive iPhone 16 product "supercycle" that's buoyed by artificial intelligence, according to Wedbush analyst Dan Ives.

In a Thursday note, Ives increased his Apple price target to a street-high $275, representing potential upside of 47% from current levels.

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Ives said that Apple's upcoming WWDC event on June 10 represents its "most important event in a decade" as the company gears up for a slew of AI announcements.

"Introducing AI to its all-important developer community and laying the foundation for bringing generative AI to the consumer starts with Apple in our view," Ives said, adding that he expects the iPhone maker to announce a partnership with OpenAI.

"We also believe Apple will lay the foundation for an AI App Store as developers build consumer apps on the AI stack that Cook & Co. will introduce at WWDC and will lead to additional services growth over the coming years," Ives said.

With all of these features likely to be integrated into the upcoming iPhone 16 launch in September, Ives said it could spark "a renaissance of growth" as more people upgrade their iPhones. Ives expects the iPhone upgrade cycle could exceed a massive 270 million units.

Ives is also encouraged by his team's supply chain channel checks in Taiwan over the last week, which indicate that Apple sales in April are tracking at about 2% ahead of consensus.

"This adds to our entrenched view that for Apple iPhone builds we will see a lift heading into a highly anticipated iPhone 16 upgrade cycle that kicks off in September. We believe current Street numbers are somewhat conservative for FY25 which is a good setup into this upcoming iPhone cycle," Ives said.

Read the original article on Business Insider