- 80% of analysts are telling clients to buy Apple shares
- Autumn launches could seed demand for the heavily sold stock
- Premium product sales could be harder in slowing macro climate
Analysts are telling investors to buy Apple (AAPL:NASDAQ) shares, with 25% upside to the stock, according to consensus price target data.
According to information provided by Koyfin, 44 analysts cover the $235 trillion iPhone maker and 80% of them (35) think the stock is a firm buy right now at $146.40. Bolstering the positive investment case is the fact that, of those 44 analysts, just one believes that Apple shares should be sold currently, with the remaining eight fence-sitting holds.
WHAT APPLE STOCK IS REALLY WORTH
Price target data is wide-ranging, with the consensus implying that the stock could be worth anywhere from $220 to $122. Taking the mean, it gives an average $182.30 target price for Apple shares, implying 25% upside.
Stripping out the most bearish valuation estimate of ItauBBA’s Thiago Kapulskis ($122), it could substantially increase that average target price.
Over the past year, Apple stock has returned just 3.1% (to market close 5 Oct), although in 2022 it has fallen 20%, which could be seen as a signal that investors have been too bearish on the company and its shares this year.
For reference, the S&P 500 has lost 21% this year, while the tech-heavy Nasdaq Composite is down 30% in 2022.
WHAT APPLE HAS BEEN SAYING LATELY
Last month (7 Sep), Apple introduced its third-generation 5G smartphones, the iPhone 14 series. It also debuted its Apple Watch Series 8 smartwatches and second-generation AirPods Pro wireless earbuds. Apple stock rose 0.9% on the news.
Analysts praised the innovative new devices but some worried that the premium products would be a tough sell in the current economic climate. Analysts expect Apple to hold a second autumn product launch event sometime in October to announce new iPad tablets and Mac computers. That could be the next catalyst for Apple stock.
