After a weak start to 2024 marked by decline and stagnation, Apple (NASDAQ: AAPL) finally took off in the stock market in early May.
The big tech giant’s sudden turning to the green was arguably kickstarted by a major agreement with OpenAI focused on integrating artificial intelligence (AI) technology into upcoming operating systems (OS).
By July 9, AAPL stock has gained additional momentum with an onslaught of positive news. For example, Microsoft (NASDAQ: MSFT) itself endorsed Apple devices for its employees in China and there is generally a strong demand for iPhones in the People’s Republic.
Picks for you
The big result of the positive developments has been AAPL’s impressive stock market rise. Indeed, the technology titan is, by press time, 22.88% in the green year-to-date (YTD) and as much as 18.15% in the last 30 days. Apple price today, at press time, stands at $228.37.
Expert forecasts Apple stock to surge 17% from AI integration alone
Though Apple has already received substantial headwinds from its adoption of AI, one prominent Wall Street expert – Wedbush’s Dan Ives – believes it is just a start.
Indeed, the expert has pinpointed Apple as the pivotal company for consumer adoption of AI technology and explained that the technology giant’s upcoming iOS 18 represents a particularly important stepping stone for this leap.
iOS 18 is set to be Apple’s first to support generative artificial intelligence and is expected to significantly boost adoption, provide an unprecedented number of people with AI tools, and give the big tech firm significant new revenue streams.
Finally, Ives believes it is likely AAPL shares will rise between $30 and $40 thanks to the new OS, which will lead to a 17% upside for the blue-chip electronics firm.
Wall Street forecasts Apple stock’s upcoming 12 months
As may be expected from the iOS 18-related predictions, Wedbush is, at press time, the firm behind the most bullish 12-month price target for Apple. Indeed, in late May, it explained that AAPL shares are not only a ‘buy’ but that they will also rise to $275 in the coming 12 months.
Elsewhere, the overall price target for Apple stock – especially since the company’s overall rating is a ‘moderate buy’ – indicates that the technology titan has been rising faster in recent weeks than the analysts anticipated.
While 24 of the 35 experts represented on the stock analysis platform TipRanks rank AAPL as a ‘buy’ and only 1 as a ‘sell,’ the average 12-month forecast would actually see the stock decline 3.45% to $219.96.
Finally, even the lowest target of $164 – reiterated by the banking giant Barclays in June – is associated with a ‘buy’ rating for Apple.
Buy stocks now with eToro – trusted and advanced investment platform
Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.
