Analyst Rating Coverage
J.P. Morgan Chase & Co (Rank#4) has raised its target price on Apple’s stock from $175 to $190, reiterating its “Overweight” rating on the tech giant’s shares. The move comes after Apple reported strong quarterly earnings, surpassing analyst expectations.
In its most recent earnings report, Apple reported revenue of $111.4 billion, up 9% from the same quarter a year ago, and net income of $25.8 billion. The company’s iPhone sales, which account for the majority of its revenue, were up 12% year over year.
J.P. Morgan Chase & Co cited Apple’s conintuation of its strong earnings track record and continued growth in the company’s services and wearables businesses as reasons for its increased target price. The firm also noted that Apple’s sizable cash balance provides flexibility for future growth and strategic acquisitions.
Many analysts remain bullish on Apple, citing the company’s strong brand, loyal customer base, and continued growth opportunities in services and wearables. With J.P. Morgan Chase & Co’s increased target price, investors may see further upside potential in Apple’s stock.
However, some analysts have raised concerns over Apple’s reliance on the iPhone for the majority of its revenue and the potential impact of supply chain disruptions on the company’s operations. Nevertheless, Apple’s continued strong performance and diversified product portfolio have positioned the company well for future growth and success.
Most Recent Analyst Ratings.
- STA Research reiterated its Buy rating with a target price of USD 175 on 17th April
- Wedbush Securities maintained an Outperform rating with a target price of USD 205 on 17th April 2023.
- Credit Suisse Group maintained an Outperform rating and raised its target price from USD 184 to USD 188 on 13th April 2023.
- Canaccord Genuity maintained its Buy rating and raised its target price from USD 170 to USD 180 on 13th April 2023.
- Bank of America Merrill Lynch raised its target price from USD 158 to USD 168 on 5th April 2023.
AAPL Stock Forecast & Analysis
The average analyst target price for Apple Inc over the next 12 months is USD 169.99, with an average analyst rating of a “Strong Buy”. Apple’s stock price was USD 166.47 at the last closing, having changed by +3.53% over the past week, +7.40% over the past month, and +0.85% over the last year. Stock Target Advisor’s own analysis is Slightly Bullish, based on 11 positive signals and 5 negative signals.