The analyst’s price target implies an upside potential of 24.3% at current levels. AAPL stock has gained by more than 9% in the past month and by more than 30% year-to-date.
The analyst commented, “While Apple clearly has benefited this quarter from December unit shortages that slipped into January/February, we have seen China iPhone demand in particular see a clear tick up this quarter with a strong month of March.”
Regarding his bullishness on the stock, Ives pointed out that besides Apple’s continued strength in hardware, investors should expect its services revenue to accelerate in the coming quarters.
