Apple Inc's (NASDAQ:AAPL, ETR:APC) iPhone 16, launched in September, is showing demand that is "slightly ahead to generally in line with expectations globally," according to Wedbush analysts.
The investment firm predicts a robust holiday season for the technology giant, driven by strong upgrade trends within its extensive customer base.
Wedbush's recent supply chain checks in Asia indicate that the iPhone 16 is poised for solid performance through the Christmas period. "We believe Apple is set to have a strong holiday season ahead," its number crunchers noted in its briefing.
Looking ahead, Wedbush highlighted the anticipated rollout of Apple Intelligence, a suite of artificial intelligence features, which is yet to debut in China and several other markets.
An April launch is expected for those parts of the globe that haven't received the functionality, potentially coinciding with the announcement of a Chinese technology partner to accelerate the deployment in this crucial region.
Apple Intelligence will include features such as integration with ChatGPT, enabled by the 18.2 software update released earlier this year.
Wedbush reiterated its 'outperform' rating on Apple shares and maintained its price target of $300.
The investment bank also expressed confidence that Apple is "on pace to reach the $4 trillion market cap threshold by early 2025," positioning it to become the first company to achieve this valuation milestone.
Apple shares have continued to perform strongly, supported by optimism around new product cycles and advancements in artificial intelligence integration.
Up 37% in the year to date, the stock closed on Friday at $254.49, valuing the tech colossus at $3.85 trillion.