(NASDAQ: AAPL) stock made an improbable run to all-time highs in 2023. The tech giant's shares approached $200 by mid-December, translating into an over 50% rally on the year.

That spike came even though Apple posted declining sales for the fiscal year that ended in late September. In contrast with big tech peers like Microsoft (NASDAQ: MSFT), Apple is generating lower annual profits right now as well. So why is Wall Street so optimistic about this stock heading into 2024? Let's take a closer look.

Apple's revenue declined 3% in fiscal 2023, the company revealed in early November. That decline stands in contrast with Microsoft and Meta Platforms, which are both growing sales at a healthy clip.

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Source Fool.com