Apple Inc. is set to achieve a significant milestone in the coming year, thanks to its impressive performance in China, as noted by Wedbush analyst Dan Ives.
In a recent note, Ives stated, “We believe Apple will be the first company to reach a $4 trillion market cap by the end of 2024, considering the rapid growth and monetization expected for Cupertino in the next year.” Despite concerns about potential iPhone bans in China, Ives reassures that any issues arising from this situation can easily be contained, and it hasn’t affected the demand for Apple products in this crucial market. It’s worth mentioning that Apple’s headquarters are located in Cupertino, California.
Wedbush continues to maintain its outperform rating and a target price of $250 for Apple (AAPL, -0.75%). With a market capitalization of $3.07 trillion, Apple currently holds the top position among the Dow components, followed by Microsoft Corp. (MSFT, +0.45%) at $2.76 trillion and Visa Inc. (V, +0.07%) at $518.7 billion.
China Remains Strong Market for Apple
Despite concerns about the bear market, China continues to be a strong market for Apple. According to Dan Ives, a renowned Apple enthusiast, the company is poised for a successful holiday season. Ives believes that the upcoming weeks will see significant growth in iPhone 15 sales, surpassing Wall Street’s estimates for the December quarter. This growth is fueled by strong upgrade activity in both the U.S. and Chinese markets. Despite some negative noise from the bear market, Ives notes that there have been no negative revisions regarding iPhone unit sales during recent Asian supply chain checks. This indicates a consistent and strong demand for the iPhone 15, which is promising news for Apple CEO Tim Cook and the company as a whole.
Apple Watch Sales Halted
On Monday, Apple’s stock experienced a slight decline of 0.7% following reports from the Wall Street Journal. These reports indicated that Apple Watch sales would be temporarily stopped in order to comply with a U.S. import ban. The company is taking necessary measures to ensure compliance with regulations, leading to a pause in sales of this popular product.
Steady Growth in Apple’s Stock
Despite temporary setbacks, Apple’s stock has achieved impressive growth throughout 2023. The company’s shares have gained a remarkable 50.9%, outpacing the SPX gain of 23.6% in the S&P 500 index.
Related: Positive Momentum in Tech Bull Market
A new wave of optimism is sweeping through the tech industry, and leading market analyst Dan Ives believes that this is only the beginning. He suggests that a tech bull market is gaining momentum as more industry players join the party. This positive outlook highlights the potential for further growth and success in the tech sector.
Apple’s Ratings Among Analysts
According to a survey conducted by FactSet, out of the 44 analysts who participated, 27 of them hold an overweight or buy rating for Apple. Additionally, 14 analysts have given a hold rating, while only three analysts have an underweight or sell rating for the company. These ratings provide valuable insights into the market sentiment surrounding Apple’s performance.