10:54 AM EDT, 07/11/2024 (MT Newswires) -- Apple ( AAPL ) is expected to ship more iPhone 16 units than initial market expectations amid signs of iPhone stabilization based on recent Asia supply chain checks, Wedbush said in a note Thursday.

"We now believe initial iPhone 16 shipments will be closer to 90 million (with upside movement likely as we get closer to launch date in September) vs. original Street expectations in the 80 million to 84 million range and up double digits YoY," Wedbush analysts, including Daniel Ives, said.

June is expected to be the final quarter of negative growth for China, with a turnaround projected to begin in the September quarter, the analysts said, adding that "China remains the linchpin of growth for Apple ( AAPL ) and now this key region is set to see growth once again starting with iPhone 16 in our view."

Wedbush maintained its outperform rating on Apple ( AAPL ) with a price target of $275.

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