Apple's Stock Hits Record High Amidst Skepticism, Analyst Predicts $4 Trillion Milestone by 2025
1min read On Tuesday, Apple Inc.'s stock closed at a new all-time high, continuing its upward trajectory despite a general plateau in broader market growth. The stock rose by 1.28%, closing at $242.65, with an intraday high of $242.76, according to Dow Jones market data. This marked the sixth increase in seven trading sessions, highlighting Apple's robust performance even amidst some market skepticism.
Apple's continued stock rally is noteworthy given recent reports suggesting that the company's 2024 iPhone sales might lag behind competitors, and the AI features of its newest models received a lukewarm reception. Nonetheless, Apple's current market cap stands at $3.64 trillion, reaffirming its position as the world's most valuable company and making it a driving force behind market gains this year.
Despite external doubts, Dan Ives, a senior equity analyst at Wedbush, offers a notably optimistic outlook for Apple’s future. He suggests that Wall Street is beginning to recognize the potential of the upcoming iPhone 16, predicting a robust sales cycle driven by its performance in China. Ives rates Apple stock as "outperform," setting a price target of $300. He anticipates that the sales of the iPhone 16 will initiate a supercycle fueled by AI advancements, shattering previous iPhone sales records.
Ives projects that this upgrade cycle could encourage over 90 million users to switch their devices, potentially propelling Apple's market value to $4 trillion by 2025. The analyst's positive assessment suggests that the ongoing optimism surrounding Apple is not just hype but underpinned by strategic advancements and market potential.