Apple is set to surge 10% to US$350 as the iPhone 12 helps reinvigorate growth going into 2021, according to a note from Wedbush — as noted by Business Insider.
The financial services and investment firm says the tech giant’s Services business is “on track” to hit $60 billion in annual revenue next year, has held up well amid the coronavirus pandemic, and is worth between $500 billion to $600 billion, according to Wedbush. Wedbush thinks Apple has exited the “eye” of the “COVID-19 storm” from both a demand and supply chain perspective.
The subscription-based unit — which includes Apple TV+, Apple Music, Arcade, and more, is expected to hit $60 billion in annual revenue in 2021 and is worth between $500 billion and $600 billion. Meanwhile, Webush says the iPhone 12 should represent the next chapter of growth for Apple, even if it isn’t released this fall and is delayed to November or December.