AAPL Surge: Why Apple Stock is Set to Reach $300 by December 2024
AAPL Surge: Why Apple Stock is Set to Reach $300 by December 2024
In the first quarter of 2024, Apple (NASDAQ: AAPL) struggled in the stock market, lagging behind giants like Microsoft (NASDAQ: MSFT) and Nvidia (NASDAQ: NVDA). However, a turnaround began in May, driven by impressive numbers from China and the imminent launch of artificial intelligence (AI) technology.
Factors Driving AAPL Growth
- With stocks near their all-time highs above $230, AAPL’s potential to reach $300 hinges on its next earnings reports.
- Analysts are optimistic about a 10% increase in iPhone production, suggesting strong demand for the product.
- AAPL could also see a revenue boost from a rumored $20 subscription fee for AI features.
As iPhones contribute to over 50% of Apple's income, increased sales could substantially enhance quarterly revenues.
Macroeconomic Factors and Analyst Predictions
In addition to internal advancements, external elements play a role: the Federal Reserve might reduce interest rates post-September 2024, benefiting the broader market and AAPL.
Analysts like Wedbush’s Dan Ives foresee a significant leap in AAPL shares, marking the start of a new phase in AI development. Loop Capital's Ananda Baruah shares a bullish sentiment, setting a $300 price target driven largely by generative AI growth.
Market Performance of AAPL Stock
If trends continue, AAPL is poised for an impressive year by September 2024, with an increase of 23.36% year-to-date (YTD). Having regained momentum after early August, the stock has surged 9.43% in the preceding 30 days.
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This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.