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Investing.com - Wedbush has reiterated its Outperform rating and $310.00 price target on Apple (NASDAQ:AAPL) ahead of the company’s upcoming earnings report, scheduled for October 30. The tech giant, currently valued at $3.89 trillion, is trading near its 52-week high of $260.10. According to InvestingPro analysis, the stock appears overvalued at current levels.
The firm expects Apple to exceed Wall Street’s revenue estimate of approximately $102 billion, citing strong early performance of the iPhone 17 lineup and continued double-digit growth in the company’s services segment. The company has demonstrated solid performance with revenue reaching $408.62 billion in the last twelve months, showing 5.97% growth. InvestingPro subscribers can access 15+ additional key metrics and insights about Apple’s financial health.
Sales data indicates the iPhone 17 series is outpacing its predecessor in both U.S. and Chinese markets, with particularly robust demand for the base iPhone Pro Max model in the United States. Wedbush attributes this to consumers upgrading for improved design features, better displays, expanded storage options, and the new A19 chip.
The recently launched iPhone Air has also exceeded expectations, selling out within minutes across multiple Chinese cities despite increased competition in the region. This performance demonstrates strong appeal for Apple’s thinner and more affordable model in a key market.
Wedbush estimates that approximately 315 million iPhones from a global installed base of 1.5 billion have not been upgraded in the past four years, suggesting significant untapped potential in the current upgrade cycle that the firm believes Wall Street is underestimating.
In other recent news, Apple has introduced its M5 chip, which boasts a fourfold increase in AI performance over the previous model. The chip features a redesigned 10-core GPU with Neural Accelerators, significantly enhancing computing capabilities. Meanwhile, Apple is facing an antitrust complaint from a group of 55 Chinese iPhone and iPad users. The complaint alleges that Apple abuses its market dominance by restricting app distribution and payments to its own platforms. On the analyst front, Evercore ISI has maintained an Outperform rating on Apple, with a price target of $290.00, citing expectations that the company will exceed consensus estimates for the September quarter. The firm anticipates that Apple’s iPhone refresh cycle will outperform typical patterns. Additionally, Apple is investigating outages affecting Apple TV+ and Apple Music services, as reported by Downdetector. Lastly, Apple plans to release a touch-screen MacBook Pro with an OLED display between 2026 and 2027, featuring thinner frames and powered by the upcoming M6 processors.
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