Renowned analyst Dan Ives dispels concerns about Apple’s growth and bears’ pessimism towards the company, predicting a rosy future for the tech giant. Ives highlights Apple’s Service revenue returning to double-digit growth and estimates that iPhone units will reach around 225 million by fiscal year 2024.
Despite worries of slowing demand in Asia, recent supply chain checks indicate strong interest in Apple’s upcoming iPhone 15, particularly in China. This signifies a promising market for the company in the region.
Ives specifically mentions that the iPhone Pro models, which boast higher average selling prices, are driving incremental growth for Apple in the December quarter. Their presence in the Chinese market presents an upgrade opportunity for over 100 million iPhones. Globally, around 240 million iPhones are due for an upgrade within this cycle.
Showing his confidence in the company, Ives maintains an Outperform rating on Apple with a $240 price target. This suggests a potential upside of 26%. This positive sentiment is also shared by the majority of analysts, who hold a Strong Buy consensus rating. However, their average target price predicts more modest gains of approximately 6%.
It is important for investors to conduct their own analysis before making any investment decisions. This article is solely based on the expert opinion of Dan Ives and should be used for informational purposes only.
In conclusion, while some may have concerns over Apple’s growth, analysts like Dan Ives remain optimistic about the company’s future. With the projected growth in iPhone units and the encouraging demand in China, Apple seems well-positioned to continue its success in the tech industry.
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