Apple's iPhones in China safe from WeChat impact - Wedbush

Aug. 24, 2020 12:47 PM ETApple Inc. (AAPL)AAPLBy: Brandy Betz, SA News Editor25 Comments

Wedbush analyst Daniel Ives says the firm's chats with Beltway sources match media reports saying the Trump administration will allow Apple (NASDAQ:AAPL) to maintain Tencent's WeChat in China, removing a potential headwind for the market that could represent 20% of iPhone upgrades in the next 12-18 months.
Wedbush says Apple has a "once in a decade" opportunity in that 12-18 month period, seeing 350M of the world's 950M iPhones as in the upgrade window. China represents 60 to 70M of those upgrades.
Wedbush maintains an Overweight rating, $515 price target, and $600 bull case on Apple. Wall Street analysts average out to a Bullish rating, but SA contributors have a Neutral stance.
Apple shares are up 1.9% to $506.83.
Related: Noted Apple analyst Ming-Chi Kuo previously said a global WeChat ban from the App Store could cut annual iPhone shipments by 25-30%.