Apple (AAPL) gained 1.7% on Monday, reaching a new 52-week high. The upside was driven by bullish ratings from Top-rated analysts and optimism about the upcoming release of iPhones featuring generative artificial intelligence (AI) technology.
Before moving ahead, investors should note that TipRanks ranks the Top analysts according to industry, timeline, and benchmarks. The ranking reflects an analyst’s ability to deliver higher returns through recommendations.
Loop Capital Upgrades Rating on AAPL Stock
Yesterday, Loop Capital Markets analyst Ananda Baruah upgraded Apple stock to a Buy from Hold and lifted the price target to $300 from $170. The new price target implies a potential market value of $4.6 trillion for Apple, a 28% increase from its current level.
Baruah believes Apple is poised to become the dominant player in generative AI. He anticipates that the company’s AI iPhone will be a major success, similar to its iPods and iPhones.
Interestingly, Baruah is a five-star analyst with an average return of 5.68% and a success rate of 53% on AAPL.
Morgan Stanley’s Optimistic Forecasts
Adding to the bullish sentiment, Morgan Stanley analyst Erik Woodring named Apple a “top pick” and raised the price target to $273 from $216. This suggests a 16% upside potential and a $4.2 trillion market cap.
Woodring is particularly excited about the upcoming launch of Apple Intelligence and believes it could lead to a record number of device upgrades. Interestingly, Woodring projects that AAPL’s iPhone shipments will hit a new record of over 500 million units over the next two years.
Is Apple a Buy, Sell, or Hold Stock?
Apple appears poised to maintain its dominance in the tech industry, as evidenced by rising iPhone sales and growing excitement for its upcoming AI iPhones. However, Wall Street analysts are cautiously optimistic about the stock due to increasing competition from its rival Samsung (GB:SMSN).
On TipRanks, AAPL has a Moderate Buy consensus rating based on 25 Buys, nine Holds, and one Sell rating. After a year-to-date rally of 22%, the analysts’ average price target on Apple stock of $230.25 implies a 1.8% downside potential from current levels.
