At least seven analysts have raised their price targets on Apple stock following the introduction of iOS 14 and several other new features. Some of them even raised their targets to $ 400 a share. That’s about 10% higher than Apple’s current share price.
Apple (AAPL) The shares rose nearly 2% on Tuesday to around $ 364, bringing their annual increase to around 25%.
That also brings Apple’s market capitalization to nearly $ 1.6 trillion. It is the most valuable company in the United States, and it is also the second best performance in the Dow in 2020, only surpassing its rival. Microsoft (MSFT), which increased nearly 30% and is worth just over $ 1.5 trillion.
If Apple’s shares rise about another 20%, the company will reach a market valuation of $ 2 trillion. The magic number the stock needs to reach is $ 461.89.
But can Apple come soon?
Despite all the optimism coming out of WWDC, many analysts remain skeptical that Apple’s shares could rise much higher, given the amount that has already increased this year.
The consensus price target for Apple shares of the 39 Wall Street analysts who follow the company is about $ 343, 6% below its price as of Tuesday morning.
And the highest price target for Apple is just $ 410.60, from China Renaissance Securities analyst Jason Sun.
It remains to be seen if Apple can break those targets, but it is a company that has often proven skeptics wrong.
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