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Is $300 around the corner for Apple stock?

Is $300 around the corner for Apple stock?

Apple (NASDAQ: AAPL) has been relatively notorious for much of the first half of 2024 for its lackluster stock market performance. 

AAPL stock’s historically strong performance only made the lack of growth starker and indeed led the company to make several attempts to improve its fortunes.

A breakthrough finally came in June when the blue-chip giant announced a partnership with OpenAI – the company behind ChatGPT – to integrate its artificial intelligence (AI) technology into its upcoming products and operating systems.

Recent developments helped Apple stock surge

The news apparently left a major impact on investors as AAPL rocketed from about $193 to above $216 within a week. Despite a subsequent correction, the technology titan appears poised for a continued rally as Apple price today stands at $215.74.

AAPL YTD stock price chart. Source: Finbold

Combined, Apple not rising in line with other major technology firms during the first half of 2024 and its more recent positive developments helped ignite the debate of how much can AAPL shares rise throughout the rest of the year and, indeed, whether they can reach $300.

Additionally, May sales figures for China, released on June 28, have offered another boon for Apple’s stock. The big tech firm sold 40% more iPhones in May 2024 than in the same month of 2023. 

Also, Apple’s Vision Pro headsets recently appeared on Chinese store shelves with a price tag of 29,999 yuan ($4,128) – 18% more than in the U.S.

Will recent developments be enough to drive Apple stock to $300?

Additionally, should the predictions of multiple Wall Street experts that the bull market will not only persist in the coming 6 months, but be spearheaded by AI and the technology sector more broadly, a price of $300 per share appears within reach for Apple.

Still, since Apple took approximately 18 months to rise 39% from about $155 to its press time price – a rise equivalent to going from $215.74 to $300 – reaching the milestone within 2024 remains a tall order.

Finally, the rise to $300 also appears outside analysts’ forecasts, given that at the time of publication, the highest 12-month forecast for AAPL shares stands at $275. Apple was assigned by the prominent tech bull, Dan Ives of Wedbush, in late May.

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