A Wall Street analyst has reiterated his bullish call Apple’s (NASDAQ: Image of AAPL) property the stock price, although the currency continues to show short-term weakness.
At press time, AAPL shares were valued at $271, after the last session was down 0.87%. In premarket trading on Monday, Apple stock was down 1.57% to $266.
In terms of outlook, Evercore’s Amit Daryanani gave AAPL an ‘Outperform’ rating and maintained a target price of $330.
The revised outlook reflects confidence in Apple’s near-term demand, led by strong iPhone performance.
Revenues from major brands are expected to grow by around 20% annually, exceeding market expectations, with demand for high-end brands supporting pricing and strengthening its leading position.
The expert also mentioned the part of Apple’s services, which is expected to improve the growth of young people, led by the power in Apple Pay, iCloud, and authorization.
Despite the fluctuating trends in the App Store, overall revenue continues to grow, supported by growing adoption and high user adoption.
Improving demand in China is also raising the profile, with unit growth returning to double digits, reflecting stability in the demand market.
The margin remains in focus, with March-quarter margins expected to top 40% before dipping slightly into June. Price controls and price controls can help to deal with the problem.
Wall Street is bullish on Apple
Meanwhile, Evercore’s target is higher than the Wall Street consensus, as tracked by TipRanks. According to 27 analysts, Apple has a “Moderate Buy”. Of these, 17 recommend buying the stock, nine recommend holding, and one recommends selling, emphasizing continued confidence in the company’s needs.
The stock’s 12-month moving average price stands at $299.51, representing a roughly 10.5% upside from its most recent trade of $271.06. Estimates vary, with the highest estimate reaching $350 and the lowest coming in at $248.
The bullish outlook comes as Apple continues to post strong growth in its iPhone segment. In this line, according to Bernstein SocGen Group, iPhone revenue rose 13% year-on-year in the March quarter, supported by an almost 10% increase in unit sales.
The growth was driven by strong demand for lower-cost models such as the iPhone 17e, which helped boost shipments.
However, the shift to cheaper equipment has weighed on selling prices, putting pressure on margins despite higher profits.
This performance comes against the backdrop of the global market for smartphones, where Apple still managed to gain market share and maintain the top position in unit sales during the quarter.
