Consumer technology giant Apple (NASDAQ:AAPL) has not had a great year. After years of market dominance, the latest developments haven’t been great. However, the stock was up today and kept that lead going into after-hours trading as well. The newest word from analysts suggests that Apple’s year could start as early as January 1.
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One of the latest voices of support for Apple came from Jim Suva, an analyst with Citi. Suva not only kept his price target at $175 per share, but he also left the stock’s Buy rating in place. Admittedly, Suva looked for some trouble ahead, thanks to the Chinese COVID-19 lockdowns. However, with those starting to retract, and demand for Apple products still brisk, things look good for Apple in 2023. The potential for an economic slowdown might hurt sales somewhat. However, Suva looks for a limited impact.
In fact, Suva had several more points to consider as far as Apple’s 2023 went. Improved services revenue would likely help out, and advertising revenue—already around an estimated $3.5 billion—would likely see growth as well. Also, a “mixed-reality headset” planned for release would be a fundamentally different product for Apple, while regulatory concerns aren’t expected to hit all that hard either. Finally, Apple’s massive pile of cash will keep the company running through much of an economic downturn.
Overall, Wall Street analysts have a consensus price target of $179.10 on AAPL stock, implying over 32% upside potential, as indicated by the graphic above.
