Apple stock is expected to climb to $273 due to positive financial forecasts and AI updates

From Nasdaq.: 2024-10-24 14:52:09

Apple stock (AAPL) is up 22.6% year to date, outperforming the S&P 500 despite flat iPhone sales. Analysts are optimistic about the upcoming Apple Intelligence update and expect better-than-expected financial results to drive the stock up further. Revenue forecasts for Q4 2024 suggest a 13% increase to $94 billion.

The new artificial intelligence features in Apple’s products aim to boost services revenue through app sales and subscriptions. Analysts predict an 8% revenue increase in fiscal 2025, with earnings up 12%. If Apple surpasses these estimates, the stock could reach a $273 price target set by Morgan Stanley.

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Read more at Nasdaq.: Is Apple Stock Going to $273? 1 Wall Street Analyst Thinks So.