Apple Just Got the Highest Price Target on Wall Street From Wedbush

Wedbush has raised its price target on iPhone maker Apple to the highest on Wall Street.

Wedbush’s Dan Ives raised his price target on the tech giant to $350 a share. This is 25% higher than where the stock currently trades.

According to Ives, 2020 will be the “year of the 5G supercycle.”

Ives said Apple is putting the “finishing touches” on what has been a “historic” year for the company, which will serve as a “launching pad for 2020” for the next generation iPhone.

Ives, who has an “overweight” rating on the stock, told “Squawk Box” this week, “We’re only halfway there through what I believe is a supercycle.”

According to the analyst, Apple next year will release at least four phones that can be enabled with 5G, a next-generation mobile network that promises faster data speeds, lower latency and other capabilities to support emerging technologies such as self-driving cars.

Regarding the possibility of a lack of 5G availability hurting Apple’s sales, Ives said he believes there would be “two parts to the upgrade.” The first will occur next year and the second would be in 2021.

“Right now, about a third of the install base, they have not upgraded their phones in 39 months,” he said. “So we’re going into what’s going to be a supercycle. I think you could have a mix of 4G, 5G. But that’s right now what I love about this set up of Apple.”

Disclaimer: We have no position in Apple Inc. (NASDAQ: AAPL) and have not been compensated for this article.