The broker believes the iPhone 13 launch is slated for the third week of September.
The broker said it expects the “5G driven product cycle will extend well into 2022 and should also benefit from a post-vaccine consumer reopening environment".
With around 20% of iPhone upgrades anticipated out of China, Wedbush said it continues to see robust demand in this key region.
“In a nutshell on the iPhone front, we believe the robust consumer product cycle continues globally," the broker said.
With roughly 250mln of the current 975mln iPhone users not upgrading their smartphones in over 3.5 years, this speaks to “massive pent up demand within Apple's installed base”, it added.
“Our favorite large cap tech name to play the 5G transformational cycle is Apple,” the broker said.
Wedbush maintained its “Outperform” rating and $185 price target.
Apple shares were 0.4% lower at $150 in pre-market trade.