The bullish analyst raised his price target on Apple to $350, about 25% higher than now.
The introduction of 5G-compatible iPhones will power a "supercycle" for Apple's stock next year, Wedbush analyst Dan Ives says.The introduction of 5G-compatible iPhones in 2020 will keep alive a "supercycle" forIves, already Wall Street's biggest Apple bull, raised his price target on the stock to $350, about 25% higher than where it closed Friday at $279. With share prices up 1.5% Monday, Apple have risen nearly 80% in 2019.
Ives said he believes Apple next year will release at least four phones that can be enabled with 5G, a next-generation mobile network that promises faster data speeds, lower latency and other capabilities to support emerging technologies such as self-driving cars.Many analysts expect that a 5G iPhone will reignite slumping phone sales that resulted from users holding onto their older models longer.
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