Update: Wedbush Raises Price Target on Apple to $300 From $285, Keeps Outperform Rating

(Updated to include analysts commentary.)

Wedbush raised Apple's (AAPL) price target to $300 from $285 amid rollout of the new artificial intelligence-powered iPhone 16, which sets the stage for a "supercycle."

"We are continuing to see further indications across the Asia supply chain that this iPhone upgrade cycle could be a historical one setting the stage for a supercycle as currently we estimate roughly 300 million iPhones globally have not upgraded in over 4 years," analysts led by Daniel Ives wrote in a Monday note.

The technology giant is expected to sell more than 240 million iPhone units in 2025 driven by the launch of Apple Intelligence and a pent up upgrade cycle including in the key China region, the analysts said.

"In a nutshell, we believe the iPhone 16 launch is just the start of the next leg of growth for Cupertino driven by Apple Intelligence in this supercycle," the analysts added.

Wedbush believes iPhone 16 will be the " most successful iPhone unit launch" in Apple's history.

Apple has an average investment rating of outperform among analysts polled by Capital IQ, with price targets ranging from $180 to $300.

(MT Newswires covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://www.mtnewswires.com/contact-us)

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