Analyst Predicts Strong Growth for Apple in 2024, Despite Abandoning EV Project

Analyst Predicts Strong Growth for Apple in 2024, Despite Abandoning EV Project

Apple Inc (AAPL: NSD) has stopped its decade-long project to create an electric car, surprising nearly 2,000 employees. The company announced internally that it would shift employees from the car project to work on generative artificial intelligence. Some employees may find other roles within Apple, but there will be multiple layoffs.

 

Stock Target Advisor’s Analysis on Apple:

Stock Target Advisor endorses Daniel Ives stance and maintains a Buy rating on Apple. Our target price stands at $206.27, which foresees a 12-month price change of 13.7%. Backing up our assessment, an average of twenty-one other analysts have projected AAPL’s target price at $203.47, also echoing a Buy rating.

AAPL Ratings by Stock Target Advisor

Apple is under consistent assessment by 21 analysts who uphold a customary Buy rating and an average target price of $203.47. The Consumer Electronics sector, where Apple trades under the NSD exchange, and recent stock returns open up more insight into Apple’s stand within the market.

 

The Ives Perspective:

According to Daniel Ives, a prominent analyst at Wedbush Securities, Apple’s stock has the potential to soar even without venturing into the EV space. Ives believes that 2024 will be a pivotal year for Apple, with several factors contributing to its growth:

  1. iPhone Resurgence: Ives predicts that Apple will showcase renewed iPhone growth in 2024. The company will continue to monetize its extensive installed base, leveraging the loyalty and trust it has built among consumers.
  2. Golden Opportunity: Cupertino’s golden installed base provides a fertile ground for further monetization. As users upgrade their devices and explore new services, Apple’s revenue streams are poised for expansion.
  3. Price Target: Ives maintains an Outperform (Buy) rating on Apple’s stock, with a Street-high price target of $250. This projection suggests that shares could experience another 30% growth over the next year.

 

Conclusion:

Despite Apple’s discontinuation of the much-hyped EV project, positive market sentiments towards the company sustain. This is backed not only by Daniel Ives’s bullish stand but also by our own analysis at Stock Target Advisor, underpinned by strong financials and market positions.

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