Apple’s Price Target Raised at Wedbush, Names Top Tech Pick

Wedbush analysts increased their price target for Apple (NASDAQ:AAPL) to $250 per share, up $10 from the previous target, as we head into 2024. In addition, Apple has been reaffirmed as Wedbush's Top Tech Pick for the year.

In a client note, the analysts predicted that Apple could be the first company to reach a $4 trillion market cap by the end of 2024. This optimism is based on his projections of the company's growth and revenue generation potential in the coming year. The analysts anticipate a robust holiday season for Apple, which they believe will lead to stronger-than-expected growth for the iPhone 15, driven by substantial upgrade activity in the U.S. and China markets. They emphasized that this demand remains resilient despite prevailing market pessimism.

Further supporting this outlook, Wedbush analysts note that recent checks within the Asian supply chain leading into the holiday season and early 2024 reveal no negative adjustments regarding iPhone unit forecasts. This indicates a steady and strong consumer demand for the iPhone 15.

The analysts maintain confidence in the projected target of 220 million to 230 million units for fiscal 2024. They also suggest that there's potential for even higher sales if the current trend in upgrade activity extends into the March and June quarters.