Apple (NASDAQ: AAPL) shares were up 6.55% on the five-day chart on Friday, September 26, following a couple of bullish stock price target revisions this week. Among those reveling in the optimistic outlook was former hedge fund manager Jim Cramer.
On Tuesday, September 23, Wedbush Securities raised the 12-month price target from $270 to $310, the Wall Street highest, while maintaining an “Outperform” rating.
Earlier today, Evercore raised their own price target from $260 to $290, citing solid demand for the newly released iPhone 17 series and also reiterating their “Outperform” rating.
Cramer, who had made several posts about the tech giant on X before Evercore’s new price target was revealed, heavily implied that the cycle has yet more to offer, reminding his followers that those who bet against it have been proven wrong.
“Please remember how so many analysts bet against this cycle… Always recall that,” wrote Cramer on X.
iPhone 17 a smashing success
Evercore initially raised its Apple price target from $250 to $260 on September 9, citing expectations that the iPhone 17 lineup would drive upgrades.
The predictions turned out to be largely correct, as T-Mobile (NASDAQ: TMUS) CEO Mike Sievert reported that iPhone sales are breaking records during an interview with CNBC on September 23.
“T-Mobile’s iPhone sales are at all-time record highs. We just had the biggest iPhone weekend. We’re at double digits from a year ago. And you know what? Our last biggest iPhone weekend was last year. We’re up double digit from that launch,” said Sievert.
At the time of writing, the average 12-month price target for Apple is $251.75 on the market analysis platform TipRanks, implying a modest downside of 1.99% from the last closing price.
Overall, based on 34 analyst ratings aggregated over the past three months, the stock is rated a “Moderate Buy.”
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