Apple (NYSE: AAPL) stock price is among the best performers in the tech industry. The substantial share price rally has stretched its market capitalization to $1.4tl. AAPL share price is currently trading around the highest level in history; the shares rose close to 90 per cent in the past twelve months. The market analysts, however, are expecting a further upside in the coming days.
The analysts are presenting several catalysts that could support Apple stock price appreciation. The majority of analysts are showing confidence in iPhone sales along with its strategy of generating revenue from Services and Wearables, Home and Accessories businesses. The sustainable growth from Mac and the iPad segment is also adding to sentiments.
Apple Stock Could Hit $400 Mark
Wedbush believes that the AAPL shares price is well set to accelerate the rally in the following quarters of this year. The firm is optimistic about the financial numbers and future fundamentals. Its analyst Dan Ives sets the AAPL price target at $400, citing the magnitude of the 5G upgrade cycle. The analyst calls the AirPods demand “jaw-dropping” and expects upbeat earnings in the following quarters.
Wedbush doesn’t see any big impact of store closure in China due to the Coronavirus attack. “Apple’s temporary closure of more than 40 stores in China is having a negligible impact thus far despite the scary and concerning headlines from the region” and calls the closure impact a very containable risk,” Wedbush said.
Financial Numbers Are Growing at Sharp Pace
The company generated first-quarter revenue of $91.82bn, beating the consensus estimate by more than $3bn and up almost 9 per cent from the past year period. The revenue growth is driven by iPhone, Wearables, and Services. Its earnings per share enlarged 19 per cent from the past year period.
“We are thrilled to report Apple’s highest quarterly revenue ever, fueled by strong demand for our iPhone 11 and iPhone 11 Pro models, and all-time records for Services and Wearables,” said Tim Cook, Apple’s Cheif Executive officer.