Apple iPhone SE with 5G, iPad Air to add to 'monster product cycle:' Ives
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Apple (NASDAQ:AAPL) is set to host a virtual product event tomorrow, where it is widely expected to unveil a new iPhone SE with 5G capabilities, as well as a new iPad Air and some Macs using its M-series of chips, all of which Wedbush Securities believes will add to the tech giant's "monster product cycle."
Analyst Dan Ives, who rates Apple outperform with a $200 price target, notes that Apple is bucking the trend of other tech and automotive companies who have held back production and introducing new products in the wake of issues with the supply chain, which he believes speaks "to the nearly Teflon-like ability of [Tim] Cook & Co. to navigate this unprecedented supply chain shortage globally."
On the iPhone SE, which Ives believes will start at $399, a "conservative" estimate is roughly 30 million units sold over the next year, " as globally there is pent up demand for this next SE based on recent supply chain checks."
"For the low price point and new specs/speed with multiple storage capabilities (64GB, 128GB, and 256GB), we believe the value proposition for consumers is a "standout" relative to competitors and could translate into some further Android share gains," Ives wrote in the note to clients.
Apple (AAPL) shares were slightly lower in premarket trading, falling more than 0.5% to $162.20.
He also noted that the iPad Air is likely to have the A15 chip and is also expecting a 13-inch MacBook Pro with an updated M2 chip and perhaps more Macs to come later in the year, perhaps at Apple's (AAPL) developer conference in June.
"âOverall in this volatile geopolitical climate with a general risk-off preference among investors as the horrific and heartbreaking Ukraine invasion causes market jitters, we believe Apple is a safety tech name to own during this market storm," Ives added, referencing Russia's invasion of Ukraine. 
Bank of America analyst Wamsi Mohan, who has a buy rating and a $215 price target, also added that Apple (AAPL) unveiling a new iPhone SE gives the tech giant the potential to gain smartphone market share at lower price points.
Last week, it was reported that Apple (AAPL) has set April 11 as the date for its corporate staff to return to the office one day per week as the world looks to move past the COVID-19 pandemic.