Apple Inc (NASDAQ:AAPL) is trading higher Monday amid overall market strength. Wedbush Securities also issued a bullish outlook for 2022 and maintained an Outperform rating on the stock in a new note.
Wedbush Securities analyst Dan Ives maintained Apple with an Outperform rating and a $200 price target. He also reiterated that his bull-case price target for Apple is $225.
Ives is focused on the “robust consumer demand story” shaping up for iPhone 13 in 2022.
Following a series of supply chain checks, the Wedbush Securities analyst believes demand outstripped supply by roughly 12 million units during Apple’s most recent quarter. Ives expects the demand to act as a tailwind heading into Apple’s upcoming quarters as supply chain constraints ease during the first half of 2022.
The Wedbush Securities analyst also noted that Apple continues to gain market share in China. China is a “major source of strength” for Apple, according to Ives.
See Also: What A ‘Strong’ Apple 2022 Product Line Up Could Look Like, Featuring A Possible ‘Holy Grail’ Release
AAPL Price Action: Apple has traded as low as $116.21 over a 52-week period. It’s making new all-time highs during Monday’s trading session.
The stock was up 2.81% at $182.56 at time of publication.
Photo: courtesy of Apple.