Wedbush: iPhone X was 'massive disappointment' for Apple (video)

Analyst Daniel Ives, with a Street-high $310 Apple price target, tells CNBC it’s all about China.

From CNBC’s Power Lunch on Friday:

Last year was just a massive disappointment for Cupertino and Cook. I think what they realized is they went for the 4-digit phone—in terms of a thousand dollar price points—and that really backfired. This is really a mea culpa. They realized what they needed to go after, it’s really about China.

Even though last night was a black eye for tech, I think when you go into Apple’s earnings I think they could sort of take this baton. I our opinion, the stock goes meaningfully higher.

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iPhone XR could be the key that unlocks Chinese markets, says tech analyst from CNBC.

My take: “Massive disappointment” is a massive overstatement, but Ives has two assets that make him catnip for CNBC: A Street-high Apple price target and a sack full of metaphors.