Apple (AAPL) could see higher highs after its next pullback.

All on potentially strong iPhone sales, says Wedbush analyst Dan Ives.

According to Ives, as quoted by Barron’s, “With roughly 240 million iPhones in the window of an upgrade opportunity globally now at play for iPhone 15 and Services re-accelerating into FY24 we view this as the golden opportunity to own Apple for the next year.” He also raised his price target on Apple to $250 from $240, with an outperform rating on the stock.

Morgan Stanley is bullish, raising its price target to $220 from $210, with an overweight rating.  The firm added, “The macro backdrop remains challenging, but the firm is turning incrementally more positive on Apple as near-term risks now appear to be more limited or pushed out, and excitement around Edge AI, Services, and gross margin strength “reignites the bull case.”

While we’re just as bullish, we’d wait to buy on the next pullback.

At the moment, Apple is technically overbought on RSI, MACD, and Williams’ %%. It’s also struggling, and failing at double-top resistance at current prices. That said, it may be safer to wait for a drop first.