Apple Inc (NASDAQ:AAPL, ETR:APC) may be grappling with tariff uncertainty and a sluggish AI rollout, but investors should not lose sight of its long-term strengths.
That is the message from Wedbush, which reiterated its “outperform” rating and $270 price target, citing growing confidence in Apple’s ability to manage geopolitical risks while preserving margin and scale.
In a note published Friday, analyst Dan Ives described chief executive Tim Cook’s supply chain strategy as a “hall of fame moment”.
With the iPhone 17 expected this autumn, Wedbush believes Apple has smartly diversified production across China and India in a move that now looks prescient given the ongoing US–China trade friction.
While the recent 90-day tariff pause gives Apple room to manoeuvre, the bank expects India to take an increasingly central role.
“In a best-case scenario, Apple could ramp iPhone assembly in India to 60–65% by the autumn,” the note said, while also allowing for a quick pivot back to China if needed.
Either way, the US is off the table. Wedbush estimates an iPhone built domestically would retail for $3,500 due to costs and logistical complexity, a “non-starter” for Cupertino.
The bank remains bullish on Apple’s core business, underpinned by a 1.5 billion-strong iPhone user base and a $2 trillion services operation.
That said, it flagged a “make-or-break” moment at next month’s Worldwide Developers Conference, where Apple is expected to lay out a clearer roadmap for its AI ambitions.
Wedbush also suggested a deal with Chinese tech giant Alibaba could be in the works, providing a much-needed boost to Apple’s AI credibility in a key growth market.
Despite what it called a “tariff Rubik’s Cube” clouding the near-term picture, the broker maintains Apple as one of its top tech picks for 2025.