Selloff or Market Correction? Either Way, Here's What to Do NextSee Overvalued Stocks

Apple remains top tech pick, iPhone China demise narrative 'a great fictional story' - Wedbush

Published 12/29/2023, 09:10 AM
Updated 12/29/2023, 09:12 AM
© Reuters.  Apple remains top tech pick, iPhone China demise narrative 'a great fictional story' - Wedbush
AAPL
-

Analysts at Wedbush said in a note to clients covering the tech sector on Friday that Apple (NASDAQ:AAPL) remains its Top Tech Pick.

They claim in the note that the "'iPhone China demise narrative' was a great fictional story by the bears which is far from the reality." They add that underlying mainland China growth remains strong for the December quarter based on the firm's Asia supply chain checks and a key asset for the core iPhone franchise.

"Apple remains our Top Tech Pick with a strong iPhone 15 upgrade cycle playing out with a strong and no drama (vs. last December supply chain agita) holiday season, which appears humming into 2024 despite the growing noise and Huawei competition in China," they wrote.

"We also believe the Services business is now back to steady double-digit growth and is worth between $1.5 trillion to $1.6 trillion on a standalone basis," continued the analysts.

Overall, Wedbush feels that 2024 is the year for Apple to show iPhone growth again and "further monetize its golden installed base" that it has built.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.