Analyst Ratings Coverage
Evercore ISI (Analyst Rank #37 of 361) has set a “Outperform” rating for Apple’s stock with a target price of USD 220. This suggests that Evercore ISI believes Apple’s stock is currently undervalued and has the potential to reach USD 220 in the foreseeable future.
The basis for the analyst’s bullish stance is they believe that Apple is positioned to succeed in the field of artificial intelligence (AI). Apple’s latest AI innovation, ReALM (Reference Resolution As Language Modeling), has shown promising results.
Apple Stock Analysis
Based on the analysis of 24 analysts, the average target price for Apple Inc stock over the next 12 months is estimated to be USD 201.20. This suggests that analysts, on average, believe that Apple’s stock has the potential to appreciate to USD 201.20 within the specified timeframe.
The consensus rating among analysts for Apple Inc is “Buy,” indicating a positive sentiment regarding the company’s future performance. This consensus reflects the collective opinion of analysts who closely monitor Apple’s financials, products, market trends, and other relevant factors.
Stock Target Advisor, in its own analysis of Apple Inc, also indicates a “Slightly Bullish” sentiment. This analysis is based on 10 positive signals and 5 negative signals identified by the platform. Positive signals may include factors such as strong earnings growth, product innovation, or favorable market conditions, while negative signals could be related to concerns such as competitive pressures or regulatory risks.
As of the last closing, Apple Inc’s stock price was USD 170.03. Over the past week, the stock price experienced a slight decrease of -0.48%, while over the past month, it decreased by -5.36%. However, looking at the broader picture, over the last year, Apple’s stock price has seen an increase of +3.11%.
Apple Technical Analysis
Currently, the technical analysis suggests that Apple’s stock has formed a pattern known as a “double top” on a long-term basis. A double top pattern typically occurs when a stock reaches a peak price level, retraces, rallies to a similar peak, and then declines again. This pattern can signal a potential reversal in the stock’s upward trend.
In the case of Apple’s stock, this double top pattern indicates that the stock price reached a high point, experienced a temporary pullback, rallied back to a similar high, and is now facing resistance at those levels. This resistance suggests that investors may be hesitant to push the stock price higher, potentially signaling a shift in sentiment from bullish to bearish.
Additionally, the technical analysis indicates that Apple’s stock is currently testing long-term support lines at $168. Support levels are price levels where a stock tends to find buying interest, preventing further decline. If the stock breaks through this support level at $168, it could signify a significant shift in market sentiment and could lead to further downside pressure on the stock price.
If Apple’s stock price breaks below the $168 support level, technical analysis suggests that it could potentially test the next major support level at $130. This level represents a significant psychological and technical support area where investors may be more inclined to buy the stock, expecting it to rebound from oversold conditions.
STA Research (StockTargetAdvisor.com) is a independent Investment Research company that specializes in stock forecasting and analysis with integrated AI, based on our platform stocktargetadvisor.com, EST 2007.
