Apple is the stock to own during the Russia-Ukraine market volatility and its new 5G iPhone SE showcases its status as a haven for investors, Wedbush says

• Apple is the defensive tech stock to own as Russia's invasion of Ukraine adds volatility to the market, according to Wedbush.
• Wedbush highlighted Apple's the budget iPhone SE as a new demand driver for the largest company in the world.
• Apple's third-generation iPhone SE will sport 5G capabilities, a faster chip, and cost just $429.

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Apple is the defensive tech stock to own as Russia's invasion of Ukraine adds volatility to the market, Wedbush said in a Tuesday note.

And right now, the performance proves it. Apple is down just 10% year-to-date, compared to the Nasdaq 100's decline of about 18%. Apple is also outperforming its mega-cap peers like Microsoft, Alphabet, and Amazon.

That outperformance could continue following the iPhone maker's new product announcement on Tuesday, according to Wedbush's Dan Ives.

"We believe Apple is a safety tech name to own during this market storm," Ives said.

Apple unveiled its third-generation iPhone SE, which has 5G capabilities, a faster A15 bionic chip, and costs just $429, making it the cheapest iPhone in the company's lineup.

The price point of $429 represents a $30 increase from Apple's second-generation iPhone SE, but Ives doesn't think the price increase will hurt demand given the improved features and the backdrop of inflationary pressures.

"With the A15 chip this smartphone will be the fastest and most powerful phone as these price points by a wide margin and we believe based on our initial supply chain checks should translate into 30 million+ iPhone units out of the gates for this product launch," Ives said.

Along with the unveiling of the new iPad Air and Mac Studio, Ives said it's impressive that Apple is releasing new products despite ongoing global supply chain disruptions that are leading automotive companies to cut production quotas.

"Introducing new products and models to consumers [speaks] to Cupertino's massive supply chain/production muscles," Ives said. Apple's new iPhone SE, iPad Air, and Mac Studio will be made available March 18.

"We view Apple as both a Rock of Gibraltar defensive tech name as well as the best 5G tech play in the market with a massive product cycle that is gaining more steam along with its valuable services business which is being undervalued by the Street in our opinion," Ives said.

Ives reiterated his Outperform rating and $200 price target for Apple, representing potential upside of 25%.