Some days you just can’t win. Apple (NASDAQ:AAPL) is having one of those days today, as it was the beneficiary of major new developments, yet none of those were enough to compel investor interest. Apple slipped somewhat in Wednesday afternoon’s trading despite new product announcements and welcome updates from analysts. One of the major developments to hit Apple today was a report from JPMorgan, who—via analyst Samik Chatterjee—hiked the price target on Apple from $190 to $235 per share.
Elevate Your Investing Strategy:
- Take advantage of TipRanks Premium at 50% off! Unlock powerful investing tools, advanced data, and expert analyst insights to help you invest with confidence.
Chatterjee noted that Apple is in a great position to keep investors confident in its path forward, a point reflected in the price target set, which is now a new high. Further, Chatterjee pointed out that Apple’s success in replacement cycles in hardware, as well as its ongoing potential for growth in its services sector, should work well together to produce cash flow at any time.
It also helps that Apple is moving to keep its hardware lines up to date. Ming-Chi Kuo, an analyst with TF International Securities, recently noted that the second-generation Apple AirTag was likely to go into wide production next year, most likely in the fourth quarter. Though it’s changed substantially over the last few years, that’s right around prime time for the holiday shopping season, especially if Apple can angle it toward the front of the fourth quarter rather than the back. Also coming in late 2024 is the Vision Pro headset, which will also set up a whole new line of business for Apple.
Analysts, meanwhile, don’t have much trouble supporting Apple. With 24 Buy ratings and seven Hold, Apple stock is considered a Strong Buy by analysts. Meanwhile, with an average price target of $203.64, Apple stock also offers investors a 5.56% upside potential.