Daniel Ives, an analyst at investment firm Wedbush, said, based on communications with the supply chain over the past few weeks, “We believe iPhone demand was 12 million units higher than supply in the December quarter, with supply issues in the first half of the year. Alleviated, these demands will boost Apple''s March and June quarters."
According to Ives estimates, iPhone sales exceeded 40 million in the year-end sales quarter, a record. The Chinese market is an important source of growth for Apple''s business, and Ives estimates that Apple''s market share in China has grown by about 250 basis points over the past 12 months.
Apple''s business goes beyond hardware sales. Apple''s market value is only one step away from $3 trillion, and the service business is an important support. Ives said the services business would “further monetize Apple’s massive user base, with revenues exceeding $100 billion in 2024,” valuing it on Wall Street at as much as $1.5 trillion. Apple Glasses, which may be released in the second half of this year, is "highly anticipated", and the launch of self-driving cars in 2025 will further boost Apple''s market value.
Ives maintained an "outperform" rating and a $200 price target on Apple''s stock, which means that Apple''s stock has room for a 16% upside over the next 12 months.