Apple off to strong start with first weekend of iPhone 16 sales – Wedbush

Apple’s iPhone 16 has experienced a promising start in terms of pre-order demand, reinforcing Wedbush Securities’ prediction that the company will surpass its previous record for annual iPhone unit sales and achieve a market capitalization of $4 trillion by 2025.

The brokerage firm estimates that iPhone 16 sales will increase by a high single-digit or even double-digit percentage, starting with the December quarter. Wedbush anticipates that Apple’s highly anticipated artificial intelligence features for the new iPhone will be gradually released over the coming months.

MT Newswires:
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“This is the beginning of an AI driven iPhone supercycle that should enable Apple to break its historical mark for iPhone units in a year and translate into a $4 trillion market cap for Cupertino in 2025,” Wedbush analysts led by Daniel Ives wrote in the note.

Based on the brokerage’s recent Asian supply chain checks, it expects this iPhone 16 upgrade cycle to be more than 90 million units initially and be up about 8 million to 10 million units from the iPhone 15, with demand “tracking well” so far globally. The company could sell over 240 million units in fiscal 2025, buoyed by a robust December quarter and demand, according to Wedbush.

“We believe over 20% of (the) world’s consumer population will ultimately interact with AI through an Apple device over the coming years,” according to Ives. The brokerage expects developers to build “hundreds of” generative AI-driven apps for Apple devices over the next six to nine months.

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MacDailyNews Note: In his note, Ives maintained Wedbush’s “Outperform” (Buy) rating on Apple stock and with a target price of $300.

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