Wedbush Predicts Strong 2024 for Apple with iPhone China Growth

Summary

  • Analysts at Wedbush have listed Apple (NASDAQ:) as their Top Tech Pick, suggesting a strong growth for iPhone in the China market.
  • According to Wedbush, iPhone’s alleged fall in China is far from reality and the December quarter is expected to show strong growth in mainland China.
  • The services business of Apple is said to resume steady double-digit growth, valuing between $1.5 trillion and $1.6 trillion.
  • Wedbush predicts 2024 as a monumental year for Apple, expected to mark a growth in iPhone sales and further introduction of monetization strategies.

Wedbush Analysis on Apple’s Standing

Wedbush analysts, in a note distributed to clients on Friday, argued that Apple (NASDAQ:) remains a top choice in the technology sector. They dismissed the popular belief of iPhone’s diminishing popularity in China as fiction created by skeptical investors, arguing that the truth is far different.

The Narrative on iPhone in China

They stated in their note that the growth in mainland China remains robust for the December quarter. This is drawn from the company’s lookup into the Asian supply chain and its vital contribution to the central iPhone franchise.

Expectations for Apple in 2024

The analysts wrote, “Apple remains our Top Tech Pick banking on a strong iPhone 15 upgrade cycle coupled with a drama-free December supply chain, anticipating a strong wave leading into 2024 despite the increasing competition from Huawei in China”.

Predictions on Apple’s Services Business

Gauging the future, analysts from Wedbush also suggested that Apple’s Services sector is projected to return to a robust double-digit growth. It is expected to be worth between $1.5 trillion to $1.6 trillion independently, presenting enormous potential.

Monetization of Apple’s Golden Installed Base

Wedbush believes that 2024 will be a significant year for Apple as they foresee a resurgence in iPhone sales and a further expansion of monetizing strategies for the strong base they have developed.

The predictions from Wedbush and the potential resurgence of Apple in the tech market could have a significant impact on trading and forex, particularly on NASDAQ assets.

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