Apple's official earnings reports

Apple Stock Hits Record High After Analyst Upgrades, Price Targets Raised to $273 and $300

Jul 15, 2024, 12:43 PM

Apple Inc. (AAPL) has seen a significant boost in its stock price following multiple upgrades from prominent analysts. Morgan Stanley has raised its price target for Apple to $273 per share from $216, maintaining an Overweight rating. The firm cites Apple's advancements in artificial intelligence (AI) as a key driver for this upgrade, predicting a surge in iPhone and iPad upgrades. Loop Capital also upgraded Apple to a Buy rating, increasing its price target to $300 from $170, based on insights from their supply chain analyst. Morgan Stanley projects Apple will ship nearly 500 million iPhones over the next two years (235 million in FY25, 262 million in FY26), pushing FY26 EPS up to $8.70. As a result, Apple shares have reached an all-time high, trading at $235.35 pre-market, up 2.7%. Analysts believe that AI will drive significant demand in Q3, positioning Apple as a top pick in the tech sector.