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In 2023, tech giants like Apple, Microsoft, and Alphabet saw huge gains. Despite this, some investors may hesitate to invest in tech companies in 2024. However, an analyst is confident that Apple will thrive, projecting a $4 trillion market cap and a price of $250 by the end of 2024.

The analyst Daniel Ives predicts a resurgence in Apple’s iPhone business, with its total sales improving in fiscal 2023. Apple’s iPhone business returned to revenue growth in the fiscal fourth quarter, signaling a positive trend for shareholders. The CEO expects growth from the iPhone in fiscal Q1 as well.

In fiscal Q4, Apple’s services segment grew by 16% year over year, despite challenges in certain areas. The company anticipates continued momentum in fiscal Q1, reaffirming its positive outlook for the year ahead.

Despite Apple’s current valuation, factors like strong capital allocation decisions, a substantial net-cash position, and potential for new product lines make it an attractive investment. With Apple shares dipping at the start of the year, this may be a good opportunity. However, long-term investment plans are advisable.

The Motley Fool Stock Advisor analyst team does not currently recommend Apple, but highlights 10 other stocks with potential for high returns. The Stock Advisor service has had a considerable success rate since 2002, regularly beating the S&P 500. As of December 18, 2023, appe’s official return.

Suzanne Frey, an executive at Alphabet, is a member of The Motley Fool’s board of directors. The motley fool has positions in and expresses belief in Apple, Alphabet, and Microsoft.



Read more: Apple Stock: Headed to $250?