#Wall #Street #Analysts #Apples #Stock #Ahead #Earnings #Thursday
Key takeaways
- Apple is scheduled to report earnings after the market close on Thursday, with the majority of analysts tracked by Visible Alpha bullish on the stock’s outlook.
- The iPhone 16 with Apple Intelligence could “launch a true supercycle for Apple,” Wedbush analysts said.
- The company estimates that there are about 300 million iPhones globally that could be ready for the upgrade.
Apple (AAPL) will report its fiscal fourth-quarter earnings after the market close on Thursday, with the majority of analysts optimistic about the stock going into the company’s first report since the release of the iPhone 16 last month.
Of the 15 analysts covering stocks tracked by Visible Alpha, nine have “buy” ratings or equivalent, four have “hold” ratings, and two have “sell” ratings. The consensus price estimate of $240.87 includes a 6% premium to Thursday’s daily price of $226.97.
The iPhone 16 combined with Apple Intelligence could “set off a true supercycle for Apple,” said Wedbush analysts, who reiterated their $300 price target on Monday. The company estimates that there are approximately 300 million iPhones globally that could be ready for the upgrade.
However, the iPhone 16 could have a minimal impact on Apple’s fourth-quarter results. The iPhone 16 went into stores on September 20, with the quarter running until the end of the month.
Wedbush analysts added that they expect Apple to be the first company to reach $4 trillion in market value in 2025. The iPhone’s market cap currently stands at $3.46 trillion, making it the most valuable company in the world. Its shares are up 18% so far in 2024.
#Wall #Street #Analysts #Apples #Stock #Ahead #Earnings #Thursday
