Apple could soar 66% in bull-case scenario as it searches for a ‘golden’ partnership to build electric vehicles, Wedbush says

SourceBusiness Insider
SectorRetail
CountryMiddle east

Apple's ambitions in the electric vehicle space are heating up, as recent media reports suggest the iPhone maker has held talks with both Hyundai and Nissan on a potential partnership to develop an Apple car.  Wedbush analyst Daniel Ives expects Apple to strike a formal partnership with an auto manufacturer sometime in 2021, which could lead to a bull-case scenario where shares of Apple surge 66% to $225, according to a Monday note. Ives assigned an 85% chance that Apple will announce an EV partnership over the next three to six months, and pressure for Apple to finalize its plans is likely on the rise as recent announcements from Ford and General Motors revealed aggressive EV ambitions. "With a Biden-driven green tidal wave on the horizon, we believe now is the time for Apple to dive into the deep end of the pool on the EV front," Ives said. The electric vehicle sector is "entering a golden age" as several factors including advancing battery...read more...