Tech giant Apple (NASDAQ:AAPL) has had plenty of exposure lately, as some wonder if its smartphone sales might be giving out. It’s also made some new ground in a partnership with Paramount (NASDAQ:PARA). And in Friday afternoon’s trading, it’s gained fractionally on a new report of a major milestone with its smartwatch sales.
Counterpoint Research recently brought out a study that says sales of Apple Watches are actually doing better than some might think. Global smartwatch shipments were up 9% in the third quarter, compared to 2022’s third quarter, and that led to Apple’s best overall third-quarter performance to date. What’s particularly interesting about that report is that the Apple Watch was actually released later in the third quarter, which means it had less time to make sales. And yet, it not only made them, it made them at a record-setting pace, showing a clear interest in these devices.
Apple Has No Shortage of Other Changes
This news comes at a strange point in time for Apple: one with an almost distressing amount of upheaval in overall operations. Apple just recently advanced the idea of breaking up with Goldman Sachs as the backer of the Apple Card, a partnership that’s been in play since 2019. With Goldman Sachs potentially out as it looks to reduce its presence in consumer finance, Apple has been looking for a new partner to get in on the action but hasn’t found one yet. Moreover, Apple also launched an update for iOS 17.1; considered an intermediary update, 17.1.2 features “important security fixes” that are “recommended for all users.”
What is Apple’s Target Price?
Turning to Wall Street, analysts have a Strong Buy consensus rating on AAPL stock based on 25 Buys and eight Holds assigned in the past three months, as indicated by the graphic below. After a 30.12% rally in its share price over the past year, the average AAPL price target of $201.99 per share implies 5.63% upside potential.