Apple (AAPL) - Get Apple Inc. (AAPL) Report is higher on Monday ahead of the expected debut of the tech company's iPhone 12 and after Wedbush analysts affirmed their outperform rating and $150 price target on the stock.
Apple is expected to unveil the phone during a digital event that starts Tuesday. The latest iteration of the phone represents Apple's most important product cycle since the iPhone 6 in 2014, according to Wedbush analyst Dan Ives.
"Importantly, with our estimation that 350 million of 950 million iPhones worldwide are currently in the window of an upgrade opportunity, we believe this will translate into an unprecedented upgrade cycle for [Chief Executive Tim] Cook & Co.," Ives said.
Ives expects four different models to be unveiled on Tuesday, including a 5.4-inch model starting a $699, a 6.1-inch model starting at $799, a 6.1-inch Pro model starting at $999, and a 6.7-inch pro model starting at $1,099.
Wedbush notes that Apple and its Asian suppliers expect higher demand for the larger and more expensive 6.7-inch model, leading the firm to say that the iPhone 12 could be a "once in a decade" launch.
"China remains a key ingredient in Apple’s recipe for success as we estimate roughly 20% of iPhone upgrades will be coming from this region over the coming year," Ives said.
Wedbush's recent checks have shown "considerable strength from the China region," with positive trends heading into the important holiday season.
TheStreet's Apple Maven will be covering Tuesday's event in real time starting 12:30 EST here.
At last check Apple shares were trading up 3.2% at $120.68,