Tech stock giant Apple (NASDAQ:AAPL) didn’t have the greatest earnings round in its fourth quarter. However, that’s slowing the stock down less than you’d think. It was up slightly in Tuesday afternoon trading, thanks to new developments that potentially feature a new product on the way. Said developments also look for new conditions in the market that will likely do Apple plenty of good.
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First, there’s the matter of a new product. The idea of an iPad that could fold has been on consumers’ minds for some time, and it may be about to land. A recently-revealed patent details a foldable device with several points of contact. Users would, of course, be able to touch a screen as normal. But the patent also discusses points along a wraparound screen. A note from UBS described such a device as the potential catalyst for “…an uptick in consumer purchasing and upgrade rate…”
Second, there’s the macroeconomic picture afoot. A study from Counterpoint Research revealed that the smartphone market may be coming back to life. Not only did Apple itself see a 6% increase in iPhone sales in China at the start of 2023, but the broader smartphone market was making a comeback itself. Several new phones are on the way, reports note, but mobile providers and the like are still leery of restocking. High inventory from 2022 and the last burst of COVID-19 put dealers on edge.
Apple does, however, enjoy hefty support from Wall Street. Currently, analyst consensus calls Apple stock a Strong Buy with an average price target of $172.71. This implies 11.45% upside potential.
