Wedbush analyst Dan Ives rated Apple Inc (NASDAQ:AAPL) as Outperform with a $200 price target (22.6% upside).
The iPhone maker is set to host a virtual product event tomorrow, where it will likely unveil a new iPhone SE with 5G capabilities and a new iPad Air and some Macs using its M-series of chips. The event will add to the tech giant's "monster product cycle."
On the iPhone SE, which Ives believes will start at $399, a "conservative" estimate is roughly 30 million units sold over the next year, " as globally there is pent-up demand for this next SE based on recent supply chain checks."
"For the low price point and new specs/speed with multiple storage capabilities (64GB, 128GB, and 256GB), we believe the value proposition for consumers is a "standout" relative to competitors and could translate into some further Android share gains."
Price Action: AAPL shares traded lower by 0.07% at $163.05 in the premarket on the last check Monday.
