FBR Capital analyst Daniel Ives explains his reasoning for initiating Apple (AAPL) with an OUTPERFORM rating and a $185 12-month price target, reflecting a market cap of more than a trillion dollars. Ives, who currently has the highest price target on shares of Apple, says his confidence in the company and its stock stems from Apple’s services business, its increasing penetration of the Chinese mobile market and potential upside from new device categories like wearable technology. Ives details how he expects Apple’s shift from a primarily hardware-based company to one that focuses on services to take place, and he reveals what he says to skeptics of Apple who doubt the company’s sustainability of growth.
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