Apple (NASDAQ:AAPL) stock is on the move Thursday as investors react to a positive price target for the company’s shares.
Wedbush analyst Daniel Ives is behind that as he reiterated his “outperform” rating for AAPL stock. For the record, the consensus rating among analysts for AAPL shares is a “buy” based on 31 opinions.
Moving on to that Apple stock price target, the Wedbush analyst continues to see the company’s shares hitting $200 each within the next 12 months. That’s above the analyst consensus rating of $190.28. It also represents a potential 17.5% upside from the stock’s closing price of Wednesday.
So why is Ives taking such a bullish stance on AAPL stock? It all has to do with demand for the tech company’s iPhone line. The analyst points to recovering supply chains in Asia that could result in a massive upgrade cycle for Apple.
Ives bases this on demand for the company’s upcoming iPhone 14, as well as strong performance for its recently launched iPhone SE. He believes this could create the strongest product cycle that Apple has seen since 2015.
Wedbush is far from the only firm taking a bull stance on AAPL shares recently. Earlier this week, J.P. Morgan stood by its “overweight” rating and $210 price target for Apple stock. It cited continued strong demand for the iPhone 13 in 2022 as the reason for this.
AAPL stock is up 1% as of Thursday afternoon but is still down 5.5% since the start of the year.
Investors looking for more stock market news today will want to keep reading!
InvestorPlace has all the latest stock market news that traders need to know about for Thursday. Among that is what to know about Allego (NYSE:ALLG) stock, Nio (NYSE:NIO) preparing an earnings report today, as well as BiondVax (NASDAQ:BVXV) stock on the rise. You can find out all about these matters at the following links!
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.