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CTOnews.com Wedbush analyst Daniel Ives recently raised his target price for Apple from $190 to $205 and maintained his "outperform" rating. Ives said this judgment is based on his survey of the Asian market, which shows that demand for iPhone 14 is very stable, there is no large-scale production reduction, and global consumer demand has also maintained a good level.

"We saw a significant rebound in iPhone demand in China during the quarter, with March being even stronger," Ives wrote in a note to investors. He also noted that sales in January and February "exceeded our expectations," and that the March market survey "also showed a relatively strong trend on the iPhone," in "stark contrast" to December.

Ives believes Apple is increasing its market share in China, gaining about 300 basis points over the past 12 months. Combined with stable demand in the U.S. and Europe, and an estimated quarter of iPhone owners who haven't switched phones in the past four years, this creates huge sales potential for Apple.

"With the much-anticipated iPhone 15 set to launch in September, the baton handover from iPhone 14 to iPhone 15 looks smoother than some of the peak-to-trough iPhone cycles of the past. Analysts said.

In addition to the iPhone, Ives is optimistic about Apple's services business. He believes that 100 million new iPhone users have entered Apple's ecosystem in the past 15 months, and the adhesion rate and price of the service business have also increased. "We believe Apple's services business will re-accelerate back to double-digit growth in the coming quarters. "he wrote.

Ives also said Apple still has a lot to "drive the market" at the upcoming WWDC developer conference. These include mixed reality headsets, hardware subscription plans, new AI features, and more.

Apple shares closed at $164.9 as of March 31, up $2.54, or 1.56 percent, from the previous session, CTOnews.com understands. At Wedbush's target price of $205, Apple shares are expected to rise 25% over the next 12 months.

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