Apple (NASDAQ: AAPL) stock price bounced sharply in the past few months due to the trader’s confidence in improving growth prospects in 2020. APPL share price surged more than 100% in the past twelve months. Apple shares are currently trading around the all-time high of $320. Fortunately, market analysts are seeing further upside in the coming days.
Indeed, some bulls are anticipating AAPL share price to hit $400 mark in the coming months. Apple stock price has been receiving support from several factors such as improving financial numbers, streaming service and a rebound in iPhone revenue. The prospects for 5G are among the bullish factors for the AAPL share price.
Analysts Expect Apple Stock Price to Hit $400 Mark
Wedbush analyst Dan Ives lifted the AAPL share price target to $400, citing the potential magnitude of the 5G upgrade cycle. The firm expects stronger than expected earnings for the first quarter due to AirPods demand.
Bank of America provided a price target of $340 with a buy rating. The firm expects massive numbers for iPhone 11 and wearables sales for the first quarter. Its analyst Wamsi Mohan said, ‘the better-than-expected iPhone 11 performance proves Apple’s brand loyalty and retention rates and shows that the company can count on a steady stream of phone sales even without major design changes.”
Morgan Stanley lifted AAPL shares target to $368 amid increasing smartphone replacement cycles along with the 5G iPhone lineup. MS is optimistic about Apple’s strategy of reducing its dependence on iPhone as services and wearables accounted for 27% and 37% of profits, respectively.
Hopes are High for Q1 Financial numbers
Apple expects to generate first-quarter revenue in the range of $84 billion, significantly high from the previous quarter revenue of $65 billion. The company anticipates substantial growth in revenue from services and wearable segment. In addition, the strong demand for iPhone 11 in the past couple of months would also add to its revenue base. Overall, investors and traders are seeing the extension bull-run in the coming days.