Apple stock has surged, analysts upgrade rating, record-high market cap, optimistic about AI pivot

From Nasdaq: 2024-07-16 09:03:00

Apple (AAPL) stock has surged over 30% in the last three months, now up 21.75% in 2024, outpacing the S&P 500. Analysts have upgraded AAPL to a “Strong Buy” or “Moderate Buy” rating, with a mean target price of $219.89 and a Street-high target of $300.

Apple hit a record-high market cap above $3.5 trillion, reclaiming its status as the world’s largest company. Analyst sentiment has improved due to optimism over Apple’s AI pivot, with expectations for growth in China and the upcoming AI-enabled iPhone 16 launch.

Despite concerns about Apple’s valuation multiples and PE ratio, the stock’s rerating as an AI play could sustain its rally. Expectations for a rebound in earnings from sales of AI-enabled gadgets, along with a potential iPhone upgrade cycle sparked by aging devices, could drive Apple’s stock higher in 2024.



Read more at Nasdaq: Apple Stock Forecast: Why the Best Is Yet to Come for AAPL