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Apple, Inc. (NASDAQ:AAPL) shares have been hitting the top gear in recent sessions, and sell-side views on the company's quarterly results due Aug. 27 suggest the rally is likely to accelerate.
Street Estimates May Prove Conservative: Apple is likely to report another across-the-board beat quarter, Wedbush analyst Daniel Ives said in a note. The fiscal-year third-quarter consensus estimates that call for revenues of $73 billion and earnings per share of $1 look conservative, given the underlying iPhone strength, especially in China, he said.
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Chip shortage, according to the analyst, was an overhang for Apple during the quarter.
The short-term weakness the Street was anticipating three months ago hasn't materialized, as Apple countered any potential softness with iPhone and Services segment strength, Ives said.
Related Link: Why This Apple Stock Analyst Says It's Time To Buy
Focus Shifts to iPhone 13 Launch: With the focus shifting to the launch of the next iteration of the iPhone, initial Asia supply chain build data for iPhone 13 is encouraging, the analyst said. The 5G-driven product cycle will extend well into 2022 and also benefit from a post-vaccine consumer "reopening environment."
The analyst expects the iPhone 13 to be launched in the third week of September.
A Top Tech Name: The tech bull cycle will continue in its upward move in the second half of 2021 and 2022, Ives said. This is premised on the "scarcity of growth names/ winners in the market."
"Our favorite large cap tech name to play the 5G transformational cycle is Apple, with the 1-2 punch of its massive services business and iPhone product cycle translating into a $3 trillion market cap for Cupertino during 2022 in our opinion," Ives wrote.
Wedbush said Apple continues to be a top tech name to own. Ives has an Outperform rating and $185 price target for shares.
AAPL Price Action: At last check, Apple shares were rallying 1.44% to $147.49.
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.