In many ways, Apple (NASDAQ: AAPL), one of the best-performing stocks of the last ten years, finds itself in a pivotal position in the final week of July 2024.
On the one hand, Apple stock appears well-positioned to benefit from its artificial intelligence (AI)-focused partnership with OpenAI – the makers of ChatGPT – as it has started trading on Tuesday, July 30, strong after several weeks of middling performance.
On the other hand, AAPL shares find themselves at risk, particularly due to the OpenAI partnership, given the recent reports the technology giant has delayed the rollout of AI integration from September to October.
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Ultimately, however, the rapidly approaching earnings report – scheduled for August 1 – is likely to prove a make-or-break moment for the upcoming weeks of trading for the big tech firm and Finbold decided to examine what analysts and experts believe lies ahead for Apple.
Many of the most recent expert assessments of Apple stock have been highly bullish, exemplifying the optimism and confidence in the figures the blue-chip company is set to unveil at the start of August.
Experts overwhelmingly bullish about the upcoming Apple earnings report
Wedbush’s Dan Ives went so far as to call the firm the main event of the current earnings season on July 29, and predicted that the September release of iPhone 16 will kickstart the next AI supercycle.
Meanwhile, between July 25 and 29, analysts at TD Cowen, Raymond James, and Robert W. Baird have all busted their price targets while maintaining ‘buy’ ratings.
TD Cowen moved its 12-month forecast for AAPL from $220 to $250, while Raymond James experts increased from $200 to $250. Analysts at Baird have opted for a slightly lesser price target, moving the goalpost from $220 to $240.
UBS has, hover, broken with the bullish predictions as it, on July 29, reiterated a ‘hold’ rating while maintaining a 12-month price target of $190 – significantly below Apple price today which, at press time, stands at $219.96.
Experts foresee Apple stock rising another 10% in the coming 12 months
Looking at the broader picture, experts are cautiously optimistic and Apple boasts a ‘moderate buy’ rating on the stock analysis platform TipRanks.
Indeed, out of the 35 represented analysts, 25 recommend buying the stock, 1 believes selling is the right call, and the remaining 9 are neutral.
In terms of the overall price target, Apple is expected to rise another 9.54% in the stock market and reach $240.61 per share within the coming 52 weeks. The most optimistic estimates place AAPL at $300 within the same time frame, while the least bullish assessment predicts a fall to $180.
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Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.
