Is Apple Stock Going to $273? 1 Wall Street Analyst Thinks So.

Despite flat iPhone sales through the first half of the year, shares of Apple (NASDAQ: AAPL) are trading up 22.6% year to date, slightly edging out the S&P 500 index. It seems investors are pricing in strong growth prospects as the iPhone maker rolls out its highly anticipated Apple Intelligence update for U.S. customers this fall. Morgan Stanley analyst Erik Woodring weighed in this week on the stock's potential by maintaining his investment firm's overweight (buy) rating on the shares with a $273 price target. With the stock already up sharply, the question is whether Apple will report better-than-expected numbers in the next few quarters to push the stock up another 16% over the next 12 months or so to reach the analyst's target.Some analysts have noted encouraging delivery lead-time data for the iPhone 16 in recent weeks, but it doesn't point to significant upside to Wall Street's near-term revenue estimates (longer lead time implies greater demand for the product). The Wall Street consensus currently calls for Apple's fiscal Q4 2024 revenue to increase 13% year over year to $94 billion before accelerating to 14% year over year in fiscal Q1 2025 ending in December.Continue readingWeiter zum vollständigen Artikel bei MotleyFool Weiter zum vollständigen Artikel bei MotleyFool