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Wall Street sets Apple stock price for the next 12 months

Wall Street sets Apple stock price for the next 12 months
Elmaz Sabovic

Apple’s (NASDAQ: AAPL) stock has experienced volatility despite recent gains, particularly since reaching its peak of $197 in July. This volatility can be attributed to a range of factors, including broader market trends and specific developments within the company.

Although Apple exhibited resilience during the economic turbulence of the previous year, the narrative, according to the latest report, is different. The company reported a downturn in revenue for four consecutive quarters, signaling a broader decline in consumer expenditure.

Despite these challenges, Apple shares displayed signs of recovery by once again surpassing the $190 threshold in November for the first time since July and managed to tread close to this threshold in the recent period. Its performance is most notably supported by revenue that its products and services continuously bring in, marking high customer loyalty and retention.

On its previous close on November 27, AAPL traded at $189.79 per share. It lost -0.09% in the 24-hour period, adding to a -0.10% decrease in value over the past five days.

Apple 7-day stock price chart. Source: Finbold
Apple 7-day stock price chart. Source: Finbold

Over the last month, this stock has been trading within a range of $170.29 to $191.45, and it’s currently close to the upper end of this range. With prices experiencing an increase recently, investors may be looking to initiate new long positions now.

Wall Street’s forecast for AAPL

Notably, Wall Street analysts’ average 12-month price objective for AAPL currently stands at $201.99, implying around 6.43% further upside compared to the current share price.

Wall Street analysts’ average price target for AAPL. Source: TipRanks
Wall Street analysts’ average price target for AAPL. Source: TipRanks

The stock has an average analyst rating of ‘Strong Buy,’ based on 25 ‘Buy’ recommendations, while 8 advised ‘Hold’ and none suggested a ‘Sell.’

Analyst forecasts indicate growing optimism, with some predictions reaching as high as $240. This positive outlook considers Apple’s market dominance, diversification strategies (iCloud, Music, AppleTV+, and most importantly, its App Store and Apple Services), and potential for innovation across various sectors.

Data acquired by Finbold back in February indicated that Apple Services recorded a revenue of $79.4 billion in 2022. The revenue emanated from services including Apple Cloud, Apple TV, Apple App Store, Apple Music, Apple Arcade, and Apple Fitness+. 

The revenue by Apple Services exceeded that of several established Fortune 500 companies. Apple Services surpassed aerospace manufacturer Boeing (NYSE: BA), which recorded a revenue of $66.6 billion in 2022. Among the selected companies, Intel (NASDAQ: INTC) recorded $63.1 billion, followed by Nike (NYSE: NKE) at $49.1 billion. American Airlines (NASDAQ: AAL), with a revenue of $49 billion.

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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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