Through almost the entire first quarter of 2024, Apple (NASDAQ: AAPL), generally known as one of the best-performing stocks available to investors, faced a protracted decline that saw it, by mid-April, find itself 11.11% in the red on the year-to-date (YTD) chart.
The latest of the three rallies of the year – the one that started with a highly positive earnings report – proved to have substantially more staying power than its two predecessors and led to a significant recovery for AAPL shares that, by the time of publication on May 8, nearly reversed the losses of the first four months.
Furthermore, the days following the Q1 earnings also offered a string of additional positive news, including reports that despite the fear about sales – particularly in China – various models of the iPhone remain the top 4 most popular smartphones in the world and Apple’s own announcements of new products including an artificial intelligence (AI)-focused iPad.
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Can AAPL now hit $200?
The May resurgence and string of promising news reignited the question of whether Apple stock can now finally reach the elusive value of $200 per share – elusive, that is, once the stock splits are taken into account.
Apple has indeed, at least for the time being, set itself on a trajectory likely to lead it toward the price. Not only is its current stock market trend positive with the tech giant gaining significant momentum, but technical analysis (TA), as retrieved from TradingView, is bullish on the stock and overall rates it as a ‘buy’ when based on the daily, weekly, and monthly charts.
Still, it is worth noting that while moving averages (MA) remain firmly on a ‘strong buy’ rating, oscillators stubbornly read ‘neutral’ on all three time frames.
Finally, analysts also appear bullish on Apple shares and, after offering several optimistic rating revisions around the time of the report, on average, estimate AAPL will rise to $201.40 within 12 months, while the particularly bullish experts of Wedbush see it hitting $250 in the same time frame.
Given that Apple’s stock price today stands at $182.32, this means that the overall forecast would see it climb 10.41% in the coming 52 weeks, while Wedbush’s expert analyst Dan Ives expects a 37.06% rise.
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