Market Overview

Apple Analyst Braces For 'Friday The 13th'-Like Q2, Says iPhone On Track

Apple Analyst Braces For 'Friday The 13th'-Like Q2, Says iPhone On Track

While Wedbush sees a difficult short-term trajectory for Apple Inc. (NASDAQ: AAPL), the sell-side firm said Thursday that Cupertino is staying on track with the launch schedule for its flagship product, the iPhone.  

The Apple Analyst

Daniel Ives maintained an Outperform rating on Apple with a $335 price target. 

What's Known About The iPhone 12 

Apple is likely working on four iPhone 12 models, with a mix of 4G and 5G phones that are likely to be launched between October and early December, just in time for the holiday season, Ives said in a Thursday note, citing supply chain checks in Asia. (See his track record here.)

The analyst said he expects two versions of 5G phones, U.S. and non-U.S., with the U.S. version likely to have mmWave technology that could push out the production timeline.

Many units could therefore be shifted to the March quarter, he said. 

Muted Expectations For Apple's Q2

Apple, which is scheduled to report its second-quarter results April 30 after the market closes, could report a dismal quarter and provide a bleak outlook for the June quarter amid COVID-19 pandemic-induced softness, Ives said.

The analyst said the near-term demand picture around the world remains "ominous" due to the pandemic.  

2021 Looks Promising For Apple, Wedbush Says 

Ives is optimistic concerning calendar year 2021.

"Now with the bad news out of the way, which we believe the Street will largely look through in terms of the stock, all the focus now shifts to iPhone 12, 5G, and the unit trajectory for September and heading into 1HFY21," the analyst said. 

Unit shipments of the iPhone could be around 165 million to 185 million in 2020, he said, citing Asia checks and supply chain contacts.

Apple possesses strong underlying momentum into 2021 thanks to the imminent launch of the iPhone 12, according to Wedbush. 

AAPL Price Action

Apple shares were trading 0.49% higher at $277.44 at the time of publication Thursday. 

Related Links:

Apple Gets Another Price Target Hike, Analyst Predicts Strong Services Trends

Apple Ready To Launch 'iPhone 9'; Analyst Says Initial Sales Could Reach 25M Units

Photo by Daniel L. Lu via Wikimedia

Latest Ratings for AAPL

Jul 2020CascendMaintainsBuy
Jul 2020Raymond JamesReiteratesOutperform
Jun 2020WedbushMaintainsOutperform

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