Apple Inc (Nasdaq: AAPL) is on course to end 2023 at an all-time high but a senior Wedbush Securities analyst is convinced that the coming year will be another strong one for the iPhone maker.
Apple stock has upside to $250
Dan Ives reiterated his “outperform” rating on the tech titan in a research note this morning and said its shares could climb to $250 which suggests a 27% upside from here.The analyst is bullish on Apple stock primarily because he’s convinced that the multinational is headed for a strong holiday season.
While there are lingering worries around iPhone shadow government bans in China, for now, this issue is very containable and has not dented demand for Cupertino in this key region.
Apple ban in China: State firms, agencies ask employees to stop using iPhones pic.twitter.com/v63HSLGFY3
— Shivam Srivastava (@Urban_el_soul) December 19, 2023
All-in-all, he expects Apple Inc to be worth $4.0 trillion by the end of 2024.
Ives is bullish on Apple’s services business
The Nasdaq-listed firm paused sales of two of its latest smartwatches in the United States this week following a patent dispute. But the Wedbush Securities analyst remains positive on Apple stock as its services business alone could be worth $1.5 trillion to $1.6 trillion, as per his research note on Wednesday.
This re-rating is a key dynamic for the stock over the next few quarters. Apple is poised to have a strong year ahead.
Apple reported $22.3 billion in revenue from “services” in its fourth financial quarter – up 16% year-on-year. In November, the tech behemoth proposed to end its partnership with Goldman Sachs. More By This Author:Marathon, Riot Stocks Surge As Bitcoin Climbs To $44k Canopy Growth: What Next For The Vulnerable CGC Stock? United Kingdom Joins The Party With Lowering Inflation Figures
