It wasn’t so long ago that market watchers were fearing for the entire PC market. Weighed down by a combination of factors from macroeconomics to chip supply to even interest rates, the sector wasn’t looking good. However, it’s started to bounce back, and tech giant Apple (NASDAQ:AAPL) is out in front of the pack. This didn’t do Apple stock much good in trading, though, as it’s down fractionally in the closing minutes of Monday’s session.
Apple, along with Lenovo, managed to pull in the largest share of growth in the PC market for the recently concluded first quarter of 2024. The move came at a particularly opportune time, as the entire PC market managed to see a rise in sales for the first time in the last two years.
While Apple’s mobile business is foundering a bit as more competitors are getting into the market—the Chinese market has been particularly forbidding of late—Mac shipments stepped in and stepped up in a big way. Apple shipped 4.8 million Mac units in the quarter, giving it 8.1% of the global PC market. Lenovo, meanwhile, won the top slot, followed by HP (NYSE:HPQ) and Dell (NYSE:DELL).
A Tablet Refresher
Apple is also planning a release that should boost sales: a new iPad. Tablet computer sales haven’t always been so brisk, but they’re still relevant with a good number of users. And with Apple planning the release of the new iPad Pro, that may light a further fire under the market.
The iPad Pro will now feature an optical light-emitting diode (OLED) display that should produce some truly impressive visuals and draw more users back into the iPad fray. Considering that iPhone users have been able to enjoy OLED since 2017, this should make for a good sign with the new iPads.
What Is the Price Target for Apple?
Turning to Wall Street, analysts have a Moderate Buy consensus rating on AAPL stock based on 16 Buys, 11 Holds, and one Sell assigned in the past three months, as indicated by the graphic below. After a 4.63% rally in its share price over the past year, the average AAPL price target of $202.84 per share implies 20.45% upside potential.
