Apple will gain another 32% on bullish outlook for the iPhone 12 and 5G technology supercycle, Wedbush says

Apple will gain another 32% on bullish outlook for the iPhone 12 and 5G technology supercycle, Wedbush says

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Strong demand for the iPhone 12 will set Apple's shares up for a 32% gain in 2021 as it smashes previous sales records for its mobile phones, Wedbush said on Tuesday.Wedbush expects the iPhone maker to sell more than 240 million units next year, compared with Wall Street estimates of 215 million."With more order activity kicking in over the last few weeks for iPhone 12, our initial reads are very bullish and give us incremental confidence in our supercycle thesis on iPhone 12," strategists said.Apple's iPhone 12 model with 5G connectivity will be vital to demand from China and will be key to the company's upgrade "supercycle," according to Wedbush.Visit Business Insider's homepage for more stories.

Apple's stock could gain 32% in 2021 as the company is on track to smash previous records for sales of its iPhone next year, Wedbush said on Tuesday. 

A report showed Apple is planning to produce up to 96 million iPhones, up 30% year-on-year and higher than Wall Street expectations, in the first half of next year. The company may overall sell 230 million older and new iPhone models in 2021, according to the report, above consensus forecasts of 215