As Apple prepares to report earnings, Wall Street analysts are adjusting their forecasts and raising their target prices to reflect the stock’s 50% rally in 2023.
On Tuesday, at least two analysts lifted their target prices on Apple stock, anticipating the $3.1 trillion company can continue to expand its valuation from here. Apple reports earnings after the close of trading Thursday.
TD Cowen analyst Krish Sankar repeated his Outperform rating on Apple shares, while boosting the company’s price target to $220 from $195… Baird analyst William Power, likewise, keeps his Outperform rating, while lifting his target price to $204 from $180. Power expects Apple to report “solid results” for the quarter…
Immediately after earnings, attention will likely redirect to the launch of iPhone 15 and the company’s next smartphone cycle, Power says. He notes that historically Apple shares outperform from mid-August to mid-September. But with the stock trading at a historic valuation peak, he would be an aggressive buyer “on any pullbacks.”
MacDailyNews Take: Currently, Citigroup has the highest price target on Apple at $240.
See also: Is an Apple stock split on the horizon? – June 28, 2023
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he would be an aggressive buyer “on any pullbacks.”..Meaning AAPL will tank on Thursday earning reports.
We already had a nice “pullback” to the 120s, which was a nice place to be an aggressive buyer.