Wells Fargo hikes Apple price target after Verizon results

Wells Fargo has raised its price target for Apple following Verizon’s disappointing second-quarter earnings report. Verizon reported a record-low wireless upgrade rate, which could potentially benefit Apple as customers consider upgrading their older iPhones with the release of the iPhone 16 range.

Chris Ciaccia for Seeking Alpha:
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Verizon saw roughly 3.5M postpaid upgrades during the quarter, down 12.5% year-over-year, which impacted the telecom giant’s wireless equipment sales. That figure was down from 4.2M, roughly 5.1M and roughly 3.7M in the third-quarter of 2023, fourth-quarter of last year and first quarter of this year, respectively.

“With these metrics in mind, we note that VZ management has not said anything meaningfully different / surprising with regard to an AI-driven upgrade cycle ahead,” analyst Aaron Rakers wrote in an investor note. “As a reminder, our call on Apple is focused on an anticipated strong upgrade cycle to be driven Apple Intelligence / iOS 18 (Sept launch).”

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MacDailyNews Note: Rakers reiterated his “Buy” rating on Apple and hiked his price target from $225 to $275.
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