Apple's stock rises toward another record after Wedbush's Ives sees continued 'strong' demand for iPhones

Shares of Apple Inc. AAPL, +0.75% roseate 0.3% successful premarket trading Friday, putting them connected way to unfastened successful grounds territory, aft Wedbush's long-time bullish expert Dan Ives said underlying request for iPhones continues to look beardown up of the motorboat of the newest version. Ives said checks done the Asia proviso concatenation for the 2nd fractional of the twelvemonth continues to bespeak iPhone builds astatine 130 cardinal to 150 million. "The iPhone 13 appears to correspond 35%-45% of iPhone builds successful Q3, this affirmative outlook gives america enhanced assurance that 2021's motorboat timing volition beryllium 'normal,'" Ives wrote successful a enactment to clients. He believes the iPhone 13 volition beryllium launched successful the 3rd week of September. Ives said helium remains "very bullish" connected tech stocks, and Apple's banal is the champion of the bunch. He reiterated the outperform standing he's had connected the banal for astatine slightest the past 3 years and his $185 banal terms target, and said helium expects Apple's marketplace capitalization to scope $3 trillion successful the adjacent six-to-12 months. The stock, which closed astatine a grounds $153.65 connected Thursday, representing a marketplace headdress of $2.54 trillion, has surged 24.4% implicit the past 3 months portion the Dow Jones Industrial Average DJIA, +0.37% has gained 2.5%.