Shares of Apple Inc. edged up 0.4% in premarket trading Thursday, after Webush analyst Dan Ives raised his price target enough to make him the most bullish on Wall Street. Ives reiterated his outperform rating and lifted his target to $425 from $375, citing the 5G tailwinds, services momentum, a continues snapback in China and a potential “massive” pent-up iPhone 12 cycle heading into the fall. Ives’s target is now the highest of the 40 analysts surveyed by FactSet; the next highest is China Renaissance Securities analyst Jason Sun at $410.60. “China remains a key ingredient in Apple’s recipe for success as we estimate roughly 20% of iPhone upgrades will be coming from this region over the coming year,” Ives wrote in a note to clients. He said the normalization in the supply chain, as the recovery from the worst of the COVID-19 effects continues, has been “impressive,” and puts Apple “back in the driver’s seat” to launch the 5G cycle in its typical mid-to-late September timeframe. And Ives said he believes the services business is worth $600 billion to $650 million, given the increasingly importance of this that revenue stream, which is getting “a new appreciation by investors” during this COVID-19 pandemic. The stock, which pulled back 1.8% on Wednesday from Tuesday’s record close of $366.53, has run up 22.6% year to date while the Dow Jones Industrial Average has lost 10.8%.