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Apple Stock Price Has Further Room For Upside, Analysts Say

apple stock

Apple (NASDAQ: AAPL) stock price dipped slightly after notching a new all-time high of $268. Fortunately, the market analysts are seeing significant room for AAPL share price bull-run; they predict AAPL share price to cross $300 mark in the coming months.

Analysts say several catalysts are supporting the bullish sentiment. For instance, Donald Trump’s announcement to exempt Apple from tariffs could have a positive impact on sentiments. The president said, “We have to treat Apple on a somewhat similar basis as we treat Samsung.”

AAPL Apple Inc. daily Stock Chart

In addition, the largest tech company has also been receiving strong backing from its new product launches. These products include Apple Plus streaming service, Apple News+ and iPhone 11 revenue. Moreover, growth in services and accessories revenue are among the catalysts.

Analysts Are Optimistic About The Continuation of Apple Stock Price Bull Run

Wedbush has set the AAPL share price target at $325 with an outperform ratings. The firm is seeing a strong demand for iPhone 11 despite trade concerns. The new phone is experiencing significant success in the U.S., China, and Europe.

The Banks of America believes Apple shares have further room for upside. BofA analyst Wamsi Mohan claims Apple’s valuations and financial numbers are enhancing the upside momentum despite recently hitting record levels.

Piper Jaffray has provided a price target of $290, thanks to a rebound in iPhone revenue. The firm says, “Apple is in the midst of a perfect storm” due to iPhones performing at or better than expectations, upside Wearables and Services growth, and the anticipation for the 5G iPhones expected next year.”

Financial Growth Is Adding to Sentiments

Apple generated fourth-quarter revenue in the range of $64 billion, driven by growth in non-iPhone revenue. Moreover, the company expects to generate a first-quarter revenue of $84 billion – which represents substantial growth from the previous quarter.

The revenue growth is attributed to iPhone 11 – which has already exceeded expectations. The services and wearable revenue is also likely to hit new record levels in the coming quarters. Overall, Apple stock price appears in a position to extend the rally.

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Based in Saudi Arabia, Siraj has a strong understanding of and passion for accounting and finance. He has worked for international clients for many years on several projects related to the stock market, equity research and other business, accounting and finance related projects. Siraj is a published financial analyst on the world's leading websites including SeekingAlpha, TheStreet, MSN, and others.