Wedbush analyst Daniel Ives called Apple’s (AAPL) fourth-quarter results a “pound-the-table moment” for investors. Ives maintained his “Buy” rating on AAPL while increasing the price target from $310 to $320, implying 17.9% upside potential over the next twelve months. Apple reported better-than-expected earnings and sales, driven by strong demand for its iPhone 17 lineup and continued momentum in its high-margin Services segment. Shares are up more than 2% in pre-market trading at the time of writing.
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The revised price target reflects greater confidence in its growth, as the iPhone 17 launch is off to a strong start heading into the crucial holiday quarter in the U.S. and China. He added that the focus now shifts to the AI story, with a significant deal with Google (GOOGL) likely next.
Ives is a five-star analyst on TipRanks, ranking #338 out of 10,084 analysts tracked. He has a 56% success rate and an average return per rating of 16.40%.
Apple Joins the AI Party
In a CNBC interview following Apple’s results, Ives said the results and outlook marked a turning point for investors who had questioned its growth. Talking about Apple’s artificial intelligence (AI) play, which has often been criticized for its delays, Ives noted that Apple is finally joining the AI party. He believes this strategic shift could add $75 to $100 per share in value, calling it a big moment for the stock.
Ives was also highly impressed by Apple’s outlook for the December quarter. Even with just one week of iPhone 17 sales factored in and strong demand in China, he suggested that AAPL could reach $400 per share if its AI initiatives succeed.
CEO Tim Cook projected robust holiday period sales, with double-digit growth in iPhone sales and a return to growth in China. He also confirmed that an AI-upgraded Siri is set to launch next spring, with additional AI models gradually integrated over time to enhance its capabilities.
Is AAPL Stock a Strong Buy?
Apple has exceeded Wall Street expectations for eight consecutive quarters, yet analysts remain split on its longer-term prospects.
On TipRanks, AAPL stock has a Moderate Buy consensus rating based on 20 Buys, 12 Holds, and three Sell ratings. The average Apple price target of $266.24 implies 1.9% downside potential from current levels. Year-to-date, AAPL stock has gained 8.8%.
