Analyst Daniel Ives from Wedbush maintained a Buy rating on Apple and increased the price target to $310.00 from $270.00.
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Daniel Ives has given his Buy rating due to a combination of factors that highlight Apple’s strong market position and growth potential. The iPhone 17 has shown unexpectedly high demand, with sales tracking significantly ahead of its predecessor, the iPhone 16. This surge in demand is expected to lead to increased production, particularly for the iPhone 17 Pro models, which are seeing strong consumer interest.
Additionally, the potential for growth in the Chinese market is a crucial factor, as Apple aims to overcome previous demand challenges and capitalize on a rebound in growth. Furthermore, Apple’s strategic focus on AI, particularly through potential partnerships with Google, suggests a promising avenue for future revenue, which is not yet reflected in the current stock price. These elements combined make Apple a compelling investment opportunity, warranting the Buy rating.
In another report released on September 19, J.P. Morgan also assigned a Buy rating to the stock with a $280.00 price target.
Based on the recent corporate insider activity of 37 insiders, corporate insider sentiment is negative on the stock. This means that over the past quarter there has been an increase of insiders selling their shares of AAPL in relation to earlier this year.