Apple (AAPL) Stock: $220 Target And Outperform Rating

By Amit Chowdhry ● Sep 20, 2022
  • The shares of Apple (AAPL) received a $220 price target from Wedbush. These are the details.

The shares of Apple (AAPL) received a $220 price target from Wedbush. 

Price target: $220

Rating: Outperform

Analyst: Wedbush analyst Daniel Ives

Ives noted that iPhone 14 wait times are widening. And Ives is seeing brisk sales of iPhone Pro 14 units worldwide out of the gate.

“Wait times on many iPhone Pro 14 models are now 4-6 weeks for Apple customers and lengthening into November,” wrote Ives in a research note. “We believe the iPhone Pro mix is up to 85%-90% vs. iPhone 13 Pro mix in the 60%-65% by this point in the cycle. Based on our recent checks out of Asia we are seeing a ramp in Pro production from Cupertino which is going to be a major ASP/revenue tailwind into 4Q/early 2023. So far we are seeing overall demand tracking 8%-10% ahead of our expectations on the Pro front.”