Why Apple's iPhone 13 Could Be A 'Game Changer' With 1TB Storage Option, Lidar

The iPhone supercycle that kickstarted with the launch of Apple Inc's AAPL iPhone 12 will likely continue well into 2022, according to analysts at Wedbush Securities.

The Apple Analyst: Daniel Ives has an Outperform rating on Apple and a 12-month price target of $175, with the bull-case price target at $225.

The Apple Thesis: The next iPhone iteration, namely the iPhone 13, will likely be launched around September, Ives said. Initial Asia supply chain builds for iPhone 13 are in the 100-million-unit range compared to the firm's initial iPhone 12 reads of 80 million, he added.

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"While this number will clearly move around over the coming months, we believe this speaks to an increased confidence with Cook & Co. that this 5G driven product cycle will extend well into 2022 and should also benefit from a post-vaccine consumer "reopening environment," Ives wrote in the note.

The iPhone 13 will likely have a 1 terabyte storage option, double that of the current highest Pro storage capacity, the analyst said. It will also include a number of enhancements, with Lidar across all iPhone 13 models.

Therefore, the iPhone 13 could be a "game changer" indicating the supercycle party in Cupertino is going well in 2022.

AAPL Price Action: At last check, Apple shares were rising 4% to $126.20.