12:04 PM EST, 03/05/2024 (MT Newswires) -- Apple ( AAPL ) may be navigating a "stormy" period in the near term amid weak iPhone sales in China, but the company is likely to see brighter days ahead, Wedbush said in a note Tuesday.

Apple's ( AAPL ) decision to abandon its electric vehicle project to focus solely on artificial intelligence is viewed as a necessary move after a decade-long effort. The company aims for stable iPhone numbers this year, but the March quarter may see tough comparisons due to challenges in the Chinese market, it added.

Despite these concerns, Wedbush has a bullish stance on Apple ( AAPL ) due to its achievable 2024 iPhone estimates, strong potential for over "270 million" iPhone upgrades with iPhone 16, potential double-digit services growth, impending AI integration, and Apple's ( AAPL ) massive installed base of "2.2 billion iOS devices," hinting at future monetization opportunities.

"Over the last decade, we have been through many challenging periods in the Apple ( AAPL ) story and we handheld investors through these stormy periods just like today. This is no different and in our view, brighter days will be ahead for Apple ( AAPL ) although right

now the China story remains the dark cloud over the name in the near term," Wedbush said.

Wedbush maintained an outperform rating on Apple ( AAPL ) with a price target of $250.

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