Apple (NASDAQ: AAPL) stock price has been extending the upside momentum since the beginning of this year. Fortunately, analysts say AAPL shares have further upside momentum in the coming days. The majority of analysts expect the tech giant to hit a $300 mark. Several catalysts are supporting the AAPL share price upside.
Apple stock price is currently trading around an all-time high of $264. Its fourth-quarter results along with a stronger than expected outlook for the first quarter added to the trader’s sentiments. In addition, prospects for Apple streaming service and improvement in iPhone revenue are contributing to bullish sentiments.
Analysts are Bullish on Apple Stock Price
RBC has set a price target of $295 with Outperform ratings. RBC Analyst Rober Muller says, “the iPhone arguably the world’s most popular consumer product, which provides “avenues for deeper integration into its customers’ lives.”
Bank of America anticipates significant upside potential for Apple shares. BofA Analyst Wamsi Mohan says despite trading at record levels, the performance of Apple shares underperformed compared to its financial numbers and iPhone 11 performance.
Wedbush claims that Apple shares are well set to hit $300. Wedbush expects AAPL to achieve 190M iPhone units this year with the 5G “supercycle” around the corner.
iPhone and Revenue Diversification Are Among the Biggest Catalysts
The company has topped analysts’ estimates for iPhone revenue. Its iPhone revenue of $33.4 billion increased from the consensus of $32.77B. In addition, it has generated a substantial 17% year over year growth from non-iPhone revenue in the latest quarter.
The wearables revenue grew 50% from the previous year period. Moreover, the services revenue of $12.5 billion hit an all-time high.
The company forecasts growth in the first quarter. It anticipates Q1 revenue in the range of $85.5-89.5B, up from the analysts’ consensus for $86.71B. The company is planning to launch the streaming service in the coming days, which could enhance its revenue base. Overall, the Apple stock price appears in a position to extend the bullish trend.