Shares of Apple, the leading iPhone maker, have seen an impressive 49% increase this year, according to analysts at Wedbush. In a recent report, they debunked the notion that Apple's sales in China were declining, stating that the underlying mainland China growth remains strong. This finding is based on Asia supply chain checks and highlights the importance of China as a key market for Apple's core iPhone franchise.
Wedbush analysts, led by Dan Ives, expressed confidence in Apple's future, naming it their "top tech pick." They expect a robust upgrade cycle with the release of the iPhone 15 and anticipate a smooth holiday season leading into next year. Despite competition from Huawei in China, Apple is poised to maintain its market share and experience growth in its Services business. Wedbush rates Apple stock at Outperform with a $250 price target, representing a potential 29% upside.
Looking ahead to 2024, the analysts believe it will be a pivotal year for Apple to showcase iPhone growth and further capitalize on its strong user base. CEO Tim Cook and his team are well-positioned to monetize the loyal customer base they have amassed over the years. The possibilities for growth are numerous, with opportunities in areas such as acquisitions, mixed-reality technology, CarPlay, and artificial intelligence.
While these future prospects excite investors, there is also a near-term concern regarding a patent battle involving two versions of the Apple Watches. As investors eagerly await the outcome, they will closely monitor any developments in this arena.
In summary, despite competition fears, Apple's stock remains resilient and promising. With a favorable outlook for the coming year and numerous growth opportunities on the horizon, Apple continues to be a dominant player in the tech industry.
By Emily Dattilo
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