Apple (NASDAQ:AAPL), the tech giant, is currently trading near a 52-week high after a closing price of $195.71 on December 8. The stock has surged by more than 50% in the past year and has a market capitalization of $3 trillion. However, top-rated analyst Daniel Ives believes that the stock could push even higher due to strong iPhone sales.
The analyst stated that his global checks suggest that iPhone shipments could very well exceed the estimated range of 220 million to 230 million in FY24, driven by strong demand in the U.S. and China.
The analyst commented, “With roughly 240 million iPhones in the window of an upgrade opportunity globally now at play for iPhone 15 and Services re-accelerating into FY24, we view this as the golden opportunity to own Apple for the next year.”
As a result, Ives reiterated a Buy rating and raised his price target to $250 from $240. The analyst’s price target is the highest on the Street and implies an upside potential of 27.7% at current levels.
Is AAPL a Good Buy Now?
Analysts remain bullish about AAPL stock with a Strong Buy consensus rating based on 25 Buys and eight Holds. The average AAPL price target of $202.32 implies an upside potential of 3.4% at current levels.
