Despite already rising more than 50% this year, one analyst thinks shares of (NASDAQ: AAPL) have plenty of upside remaining over the next 12 months. More specifically, Piper Sandler analyst Harsh Kumar thinks the stock can get to $220 during this period. This price target would translate to about 12% upside for the stock, on top of an already impressive gain since Jan. 1.
Is Apple stock really a good buy today, despite its staggering first seven months of 2023? Let's look closer at why Kumar is so upbeat about Apple shares to see if he's onto something.
In a note to investors this week, Kumar said that he is raising his 12-month price target on Apple stock from $180 to $220. Supporting his view, he believes iPhone sales in China could be notable for the tech company's fiscal third quarter, which Apple will report results for on Thursday.
Source Fool.com