With being one of the weakest performers in the ‘Magnificent Seven,’ Apple (NASDAQ: AAPL) has again increased its value above the initial $185.64 from the start of 2024 by just 0.67%.
This positive development sparked the idea among analysts that Apple will manage to go even higher as we approach the Worldwide Developers Conference (WWDC), which lasts from June 10 to June 14. At WWDC, Apple is expected to present new iOS 18, potentially new Macbooks, and collaboration with OpenAI.
Reassuringly, AAPL stock has a strong track record of post-WWDC performance, and analysts at Wedbush expect it to be this year’s initial growth catalyst.
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Wedbush sets AAPL price target to $275 in renewed optimism
Wedbush analyst Dan Ives has revised his price target for Apple from $250 to $275, anticipating a significant boost from the upcoming iPhone 16 supercycle driven by AI technology, which could potentially add $30 to $40 per share to the AAPL stock, which would represent a potential upside of 47% from the current price levels, if predictions come true.
On May 24, Ives announced the revision on X, citing the expected surge in iPhone demand due to the integration of AI technology within the Apple ecosystem. He also pointed to the upcoming Worldwide Developers Conference as a pivotal moment for the company.
‘The Big Short’ investor Steve Eisman believes in Apple
The Cupertino Giant has been identified as a major player in the artificial intelligence market by renowned investor Steve Eisman, famous for his role in ‘The Big Short.’ Eisman believes Apple’s AI strategy will lead to substantial gains for the company, describing it as ‘the hidden AI play.’
He emphasized that Apple’s AI strategy could drive significant growth, noting that the company’s entire product line might undergo a major refresh once AI-driven apps become available. This refresh could surge demand for Apple’s devices, including iPhones, iPads, and laptops.
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