Apple (AAPL) - Get Apple Inc. Report "remains a top tech name to own," Wedbush analyst Dan Ives said as he affirmed an outperform rating and $185 share-price target on the computer and cellphone giant.
Shares of the Cupertino, Calif., company at last check were off 0.4% at $150.49.
"Our favorite large-cap tech name to play the 5G transformational cycle is Apple," Ives said in a research note, "with the 1-2 punch of its massive services business and iPhone product cycle translating into a $3 trillion market cap for Cupertino in the next 6 to 12 months."
Ives said that the current iPhone 13 launch is slated for the third week in September and reportedly will have at least three new camera and video-recording elements
"From a spec perspective," Ives said, "we have increased confidence that iPhone 13 will have an eye-popping 1-terabyte storage option which is double from the highest Pro storage capacity today (512GB) and will also include a number of key enhancements with Lidar across all iPhone 13 models."
The analyst added that with roughly 20% of upgrades anticipated out of China, "we are continuing to see robust demand in this key region which bodes well heading into the iPhone 13 upgrade cycle."
"In a nutshell on the iPhone front," Ives said, "we believe the robust consumer product cycle continues globally for [Chief Executive Tim] Cook & Co., especially with today roughly 250 million of the current 975 million iPhones not upgrading their smartphones in over 3.5 years based on our analysis, speaking to massive pent-up demand within Apple's installed base."
The recently introduced Open App Markets Act would “protect developers’ rights to tell consumers about lower prices and offer competitive pricing,” among other things.
Some observers say this could be a problem for Apple's App Store.
"We believe the App Store remains a very defendable moat both in the courts and in the Beltway," Ives said, "and speaks to our view that Apple remains more on the edge rather than the center of the antitrust spider web with Facebook (FB) - Get Meta Platforms Inc. Class A Report and Alphabet (GOOGL) - Get Alphabet Inc. Class A Report more in the 202 area code spotlight."