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Wall Street sets Apple stock price as new iPhone goes live

Wall Street sets Apple stock price as new iPhone goes live

2023 has been a great year for Apple Inc (NASDAQ: AAPL) so far, registering over 55% gains — moving from the bottom at $126 per share on January 6, to its 1-year high of $196.23 on August 1 — while the stock market showed positive expectations for the company, despite an awaited Q3 revenue drop.

Notably, the bullish rally for AAPL also followed the impactful launch of the Apple Vision Pro, in what most enthusiasts described as one of the most remarkable launching events for the company in a very long time.

Investors are also pricing the silent dive into the Artificial Intelligence (AI) industry, as Apple already tests its own large language model, called “Ajax”, to challenge ChatGPT.

However, the market is now currently looking for the new iPhone 15 launch, in an event that will be live-streamed today, on September 12, and could have a meaningful impact on Apple’s stocks.

Wall Street is bullish on Apple amid new iPhone launch

Wall Street analysts are bullish for AAPL, with a consensus rating showing a ‘Buy’ signal considering 45 individual ratings to Apple Inc. in the past three months. Interestingly, 26 of these analysts consider the moment as a ‘Strong Buy’ opportunity, while 13 say it is better to just ‘Hold’ the asset.

AAPL 12-month price target data. Source: Finbold.
Analysts forecast.
AAPL 12-month price target data. Source: TradingView

Investors making their purchases at the time of publication, with AAPL valued at $176.54 per share, could expect to realize 14.71% in gains in a one-year forecast prediction, according to the average price target of $202.51 per share.

Among these predictions, the highest estimate stands at $240 per share (+35.95%), while the lowest estimate is $160 per share (-9.37%).

AAPL chart analysis

Meanwhile, AAPL is trading in a short-term support zone, that could go as low as $175 per share but is holding, by press time, at the same price support from August 24, traded at $176.58 per share.

AAPL 1-month price chart. Source: Finbold
AAPL 1-month price chart. Source: Finbold

All things considered, this stock’s ability to meet the above analyst’s expectations will depend on further developments related to Apple, as well as the general sentiment on the wider stock market and macroeconomic landscape.

Watch the new iPhone launch event

Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.

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