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Investing.com - Wedbush maintained its Outperform rating and $270.00 price target on Apple (NASDAQ:AAPL) stock, citing significant upgrade opportunities ahead for the iPhone maker. According to InvestingPro data, 20 analysts have recently revised their earnings estimates upward, with price targets ranging from $175 to $300. The stock currently trades at $234.35, with a market capitalization of $3.48 trillion.
The research firm identified approximately 315 million iPhone users out of Apple’s global user base of 1.5 billion who have not upgraded their devices in over four years, representing substantial potential for future sales growth.
Wedbush highlighted China as a particularly important market for Apple’s upgrade strategy, describing it as "front and center" in the company’s plans to capitalize on this opportunity.
The firm noted Apple’s dual focus on improved internal product efficiencies alongside bold redesigns and practical new features that incorporate Apple Intelligence, the company’s artificial intelligence platform.
These factors position Apple for what Wedbush describes as an "eventual super cycle" over the next 12 to 18 months, though the firm acknowledged that the company’s AI strategy currently remains a limiting factor for the stock’s performance.
In other recent news, Apple has seen several updates following its latest product launch event. The company unveiled the iPhone 17 series, which features significant hardware improvements such as a larger display, enhanced camera, and the new A19 chip. The iPhone Air, noted for being Apple’s thinnest iPhone at 5.6mm with a titanium design, was also introduced and will be available for pre-order soon. Analysts have reacted to these developments with varying opinions. Rothschild Redburn raised its price target for Apple to $260 from $230, maintaining a Neutral rating, while Evercore ISI also increased its target to $260 from $250 and kept an Outperform rating. Both firms highlighted the potential impact of the new iPhone models on Apple’s market performance. Meanwhile, HSBC reiterated its Hold rating with a $220 price target, noting that the iPhone 17 series met market expectations. These recent developments reflect the ongoing interest and varied perspectives from analysts regarding Apple’s latest offerings.
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