10:26 AM EST, 11/29/2024 (MT Newswires) -- Apple ( AAPL ) is entering a "key" holiday season, with the iPhone 16 marking the beginning of its Apple Intelligence launch, which positions the company for artificial intelligence-driven growth, Wedbush said in a note Friday.

The iPhone 16's success, along with a strong holiday season, will fuel a "renaissance of growth" for the tech giant over the next 12 to 18 months, said Wedbush analysts, including Daniel Ives.

"The release of 18.2 will be a significant software update for Apple Intelligence which will bring a suite of AI features including ChatGPT integration," the analysts said.

Apple's ( AAPL ) unmatched installed base of over 2 billion iOS devices, a $2 trillion services business, and a growing AI ecosystem positions the company for future growth, the analysts added.

Wedbush said it expects Apple ( AAPL ) to sell over 240 million iPhones in fiscal 2025, "setting the stage for a supercycle" driven by AI.

Wedbush maintained an outperform rating and a $300 price target on the iPhone maker's stock.

Price: 235.62, Change: +0.69, Percent Change: +0.29