Apple (AAPL) stock received two upgrades ahead of its annual shareholder meeting on Friday.
AAPL – Weekly Chart
Apple stock trades at $153.27 but was given price targets of $190 and $199.
Goldman Sachs provided the higher rating, and analysts Michael Ng said: “Apple’s installed base growth, secular growth in services, and new product innovation should more than offset cyclical headwinds to product revenue, such as a reduced iPhone unit demand due to a lengthening replacement cycle and reduced consumer demand for the PC & tablet category.”
According to Goldman, Apple’s services business should also grow to 40% of the company’s gross profit by 2027, up from 33% in 2022.
Wedbush also upgraded the stock and said: “Asia iPhone supply chain checks this week have been incrementally more positive.” The firm’s survey shows “a modest uptick in demand coming out of China… with a clear demand rebound happening in this key region post-December despite the uncertain macro backdrop.”
Apple (AAPL) Stock Forecast
Analysts also said Apple had “a number of levers potentially.” Those include “noteworthy” new announcements, including an Apple AR headset “launch by the summer” and a “hardware subscription plan being unveiled.”
Apple’s shareholder meeting will include questions pre-written for the CEO Tim Cook from shareholders. That could lead to some development updates from Cook and movement in the stock price on Friday. The US will also see the release of Non-Farm Payrolls data, and the jobs update should also be noted by traders waiting for movement in the stock.
