Technology giant Apple (NASDAQ:AAPL) may have captivated its users’ hearts with its mobile devices, but its mobile offshoots like the Apple Watch have also struck a chord with users. Sufficiently so, in fact, that Apple is up fractionally in Monday afternoon’s trading thanks to some possible new developments coming to the Apple Watch next month.
While the developments seen in September may not be immediately available, what Apple has possibly coming out might be enough to capture some new attention as well as keep the current flock of users invested. Early reports suggest a thinner case and a new band with a different kind of magnet. Interesting, if merely cosmetic, but that’s not all. Reports also suggest a blood pressure monitor will come along with the Apple Watch in 2024, and the display may get an upgrade to microLED to improve both color and clarity on the display.
Though for a better look at Apple’s overall potential, it might be worth looking to Foxconn, where many of the iDevices are made. The latest earnings report out of Foxconn noted a decline in second quarter figures against this time last year, and early word is looking for a similar result in the third quarter as iPhone and iPad sales drop. Foxconn looked for improvement in the third quarter, but it likely wouldn’t match up against 2022’s third quarter. While Foxconn is optimistic, it made clear that a variety of factors, ranging from macroeconomic to geopolitical, may weigh on future results.
This matters little to analysts, who are largely behind Apple. With 22 Buy ratings and eight Hold, Apple stock is considered a Moderate Buy by analyst consensus. Further, with an average price target of $208.13, Apple stock offers investors a 16.33% upside potential.
