Apple Stock: Headed to $240?

Apple's shares (NASDAQ: AAPL) have had an astounding year, with an increase of over 45% in 2023. Despite such a significant gain, many analysts believe the stock still has room to grow. Indeed, of almost 40 analysts covering the stock, most recommend buying shares at the current level.

Among some of the most optimistic Apple analysts is Ivan Feinseth, a financial analyst at Tigress Financial. Last week, Feinseth confidently raised his price target for the company's stock from $225 to $240 for the next 12 months. Moreover, he reaffirmed his "strong buy" rating for the tech stock. To put this in perspective, this target represents a potential gain of around 26% from the current trading price.

Backing up Feinseth's upbeat view for Apple stock is a prediction that the company will see a reacceleration in its top-line growth rates in 2025. How can an investor remain so bullish even as the company's revenue fell nearly 1% year over year in fiscal Q4? First and foremost is Apple's strong momentum in its important high-margin services business. Its services revenue rose 16% year over year to an all-time quarterly record of $22.4 billion during fiscal Q4.

Continue reading

Source Fool.com