Apple (AAPL) closed at a record high on Monday, and the S&P 500 witnessed its sixth consecutive win. The markets may witness some volatility in the coming days, with over 100 S&P 500 companies scheduled to release their Q3 soon.
The tech giant plans to unveil its earnings report for the third quarter of this year on Oct. 31, 2024. The event could catalyze the company’s stock price, currently trading at $236.48.
AAPL earned $1.40 a share on sales of $85.8 billion in Q2, outperforming expectations of earning $1.34 on sales of $84.4 billion. With the unveiling of the iPhone 16 and the company’s AI ventures, the stock price could surge over the next quarter.
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Apple To Inch Closer To $250
According to Investor’s Business Daily, AAPL has a composite rating of 93 out of 99. The rating integrates five separate proprietary ratings of fundamental and technical performance. The stock also has an 80 out of 99 platform Relative Strength Rating.
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According to TipRanks‘ 12-month forecast based on 34 Wall Street analysts, APPLE could hit a high of $300. Hitting $300 from current price levels will result in a rally of 26.86%. The platform has set an average target of $248.34, a rise of 5.02% from current levels, and a low target price of $186, which would translate to a dip of about 21.35%.
23 of the 34 analysts from TipRanks have given Apple (AAPL) a “Buy” rating, while 10 have asked for a “Hold.” Only one analyst has given the tech stock a “Sell” rating.
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With the Q3 earnings report just around the corner and the US Presidential election following right after, we may witness some volatility in the stock market. Many anticipate a market rally if Donald Trump takes power, but how things pan out is yet to be seen.
