Apple’s market cap surpassed $3 trillion on June 30th, making it the only publicly traded company to surpass this mileston twice. The stock has been on a big run this year, gaining some 49%. Though the stock may witness some rough trading in the near term due to rising rate worries, its long-term prospects look bullish, Zacks Equity Research believes.
Zacks Equity Research via Yahoo Finance:
According to Fairlead Strategies, Apple’s latest breakout confirms a likely upside in the coming years… Based on the breakout and analysis, Fairlead Strategies sets a price objective of $254 per share for Apple. This represents a significant 31% increase from the current stock price. Achieving this target will push Apple’s market valuation to approximately $4 trillion, considering the current number of outstanding shares.
Katie Stockton, the founder of Fairlead Strategies, detects the resumption of the uptrend that “preceded the 2021-2022 trading range.” This suggests continued positive momentum for Apple’s stock in the short term. The absence of counter-trend signals further supports the rally.
Per Stockton, the technical price objective of $254 per share can be reached by the end of 2024. This timeframe allows for gradual upward movement and aligns with the analysis of the stock’s historical performance…
The Zacks Consensus Estimate for Apple’s earnings for the June-end quarter is pegged at $1.18 per share. The Most Accurate Estimate is pinned at $1.22 per share, leading to an Earnings ESP of +3.39%. This is a positive sign for the stock.
MacDailyNews Take: The future’s so bright, we gotta wear Apple Vision Pros!
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