Wedbush Reiterates Outperform on Apple (AAPL) with $310 Target Ahead of Earnings

Apple Inc. (NASDAQ:AAPL) is one of the AI Stocks Making Waves on Wall Street. On October 21, Wedbush reiterated its Outperform rating on the stock with a $310.00 price target. The rating affirmation comes ahead of the company’s upcoming earnings report due on October 30.

The firm sees pent-up demand and underestimated iPhone 17 momentum driving upside for the stock. Wedbush anticipates Apple to exceed Wall Street’s revenue estimate of approximately $102 billion, driven by robust early performance of the iPhone 17 lineup and sustained double-digit growth in its services segment.

According to sales data, the iPhone 17 series is outperforming its predecessor in both the U.S. and Chinese markets. Some of the factors behind consumer upgrades include improved design features, better displays, expanded storage options, and the new A19 chip.

“We believe the Street’s top-line estimate of ~$102 billion is very beatable given the strength of the iPhone 17 cycle out of the gates with more consumers looking to purchase the new iPhone lineup combined with the company’s double-digit services growth which is also expected to provide an incremental uplift to Street estimates. We believe Apple beats this quarter on the all-important both iPhone numbers and Services front. The iPhone 17 series is trending well ahead of iPhone 16 so far in the US and China pointing to incremental strength and pent up demand of Apple’s consumer installed base in its major markets. Sales of the base iPhone Pro Max are seeing strong demand particularly in the US market with more people now looking to upgrade their phones with the consumer iPhone upgrade cycle accelerating for an improved design, better display, expanded storage and the new A19 chip. The recently launched iPhone Air is seeing stronger than expected demand with the device selling out within minutes of launching across multiple cities in China which speaks to the popularity of AAPL’s thinner and more affordable model in one of its key markets despite seeing elevated competition in the region. We believe that the Street is still underestimating the iPhone 17 cycle that we are seeing front and center with our estimates of 315 million of 1.5 billion iPhones globally not upgrading their iPhones in the last 4 years.”

Apple is a technology company known for its consumer electronics, software, and services.

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