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Get ready for the Apple iPhone 5G supercycle.

Wedbush analyst Dan Ives repeated his Overweight rating on Apple stock (ticker: AAPL), lifting his price target to a Street-high $350, from $325, ahead of what he expects will be spectacular growth for the iPhone starting late in 2020. He called it “an iPhone supercycle” in a research note on Monday.

A year ago, Ives wrote, Apple was facing lagging China demand, rising tariffs, and increased competition in smartphones, trailing behind Samsung and others in 5G. “Investors were throwing in the towel … with many on the Street thinking the Apple growth story was over and in the rear view mirror,” he wrote.

But Ives says that CEO Tim “Cook in his finest hour” led Apple to successfully battle through the challenges with growth in China, while launching a well-received iPhone 11 and surviving the tariff issue.

Ives contends underlying iPhone demand “remains comfortably ahead” of Street expectations for the September 2020 fiscal year of 185 million to 190 million units.

“We believe iPhone 11 is just the front end of this current ‘supercycle’ for [Apple] with a slate of 5G smartphones set to be unveiled in September that will open up the floodgates on iPhone upgrades across the board that the Street continues to underestimate,” he writes. “There are at least 5 iPhone versions that will launch in 2020 with the main event the 5G launch in September...we believe 200 million units could be the starting point for 5G Apple smartphone demand as roughly 350 million iPhones within the 900 million installed base are currently in the window of an upgrade opportunity.”

Ives wrote that he is now “incrementally more positive” on Apple shares “given our recent positive Asia checks, 5G technology/upgrades around the corner, and our belief that China is poised to see renewed growth with share gains on the heels of an iPhone 11 product cycle which the skeptics continue to underestimate...in a nutshell, we have further conviction in this supercycle on the horizon.”

Apple shares closed Friday at $279.44, close to an all-time high, and up 77% for the year to date. Shares were 0.3% higher in premarket trading.

Write to Eric J. Savitz at eric.savitz@barrons.com