Apple share price target raised to $ 400 amid growth prospects



Apple (NASDAQ: AAPL) the share price has rebounded sharply in recent months due to trader’s confidence in improving growth prospects in 2020. The APPL share price has jumped over 100% over the past few months. last twelve months. Apple shares are currently trading around the all-time high of $ 320. Fortunately, market analysts see a further rise in the coming days.

Indeed, some bulls expect the AAPL stock price to hit the $ 400 mark in the coming months. Apple’s share price was supported by several factors such as improving financial numbers, the streaming service, and a rebound in iPhone revenue. The outlook for 5G is one of the factors driving the AAPL stock price higher.

AAPL Apple Inc. daily stock chart

Analysts Expect Apple Stock Price to Hit $ 400

Wedbush analyst Dan Ives raised the AAPL share price target to $ 400, citing the potential magnitude of the 5G upgrade cycle. The company expects higher-than-expected earnings for the first quarter due to demand for AirPods.

Bank of America provided a price target of $ 340 with a buy rating. The company expects massive numbers for iPhone 11 and clothing sales for the first quarter. Its analyst Wamsi Mohan said: ‘better than expected iPhone 11 performance proves Apple’s loyalty and brand retention rates and shows the company can count on a steady stream of phone sales even without major design changes. “

Morgan Stanley raised the AAPL stock target to $ 368 amid increasing replacement cycles for smartphones as well as the 5G iPhone lineup. MS is optimistic about Apple’s strategy to reduce its reliance on the iPhone, with services and wearable devices accounting for 27% and 37% of profits, respectively.

Hopes are high for first quarter financial figures

Apple expects to generate sales of around $ 84 billion in the first quarter, a very high number compared to the previous quarter’s sales of $ 65 billion. The company anticipates substantial growth in service and wearable segment revenues. Additionally, the strong demand for the iPhone 11 over the past two months would also increase its revenue base. Overall, investors and traders see the bullish extension in the coming days.

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