One analyst predicts Apple stock could reach $260 due to potential growth in China

From Nasdaq.: 2024-07-12 07:22:00

Apple’s stock saw two price target hikes, with Piper Sandler raising to $225 per share and Needham to $260. Needham is optimistic about Apple’s $110 billion stock buyback plan, while Piper Sandler sees potential in iPhone sales growth in China and AI applications boosting iPhone upgrades.

The shift to higher-margin services revenue is critical for Apple’s growth, representing 26.3% of revenue in the latest quarter. CEO Tim Cook highlights AI’s potential for new product sales growth. However, with the stock trading at 38 times Wall Street estimates for 2024, Apple may be fully valued.

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Lee Samaha has no position in mentioned stocks. The Motley Fool has positions in and recommends Apple. Check out the 10 best stocks for investment opportunities.



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