Apple (NASDAQ: AAPL) has garnered a reputation for its lackluster stock market performance in the first half of 2024. Despite its historically robust performance, the company experienced a noticeable lack of growth, prompting several efforts to boost its fortunes. A turning point arrived in June when the tech giant announced a partnership with OpenAI, the company behind ChatGPT, to incorporate its artificial intelligence (AI) technology into upcoming products and operating systems.
The market reacted strongly to this news, propelling AAPL from $193 to over $216 within a week. Although there was a subsequent correction, Apple remains poised for continued growth, with the current price standing at $215.74.
Apple’s divergence from the performance of other major tech firms in 2024, combined with recent positive developments, has sparked discussions on the potential rise of AAPL shares throughout the year, potentially reaching $300. The release of May sales figures in China, showing a 40% increase in iPhone sales compared to May 2023, further boosted confidence in Apple’s stock.
The introduction of Apple’s Vision Pro headsets in Chinese markets at a price of 29,999 yuan ($4,128), marking an 18% premium over the U.S. price, indicates the company’s global expansion efforts.
With Wall Street experts predicting a sustained bull market driven by AI and the technology sector, a $300 share price is seen as achievable for Apple. However, given historical data showing Apple’s gradual rise from $155 to its current price of $215.74 over 18 months, reaching $300 by the end of 2024 presents a significant challenge.
Moreover, the highest 12-month forecast for AAPL shares currently stands at $275, according to prominent analyst Dan Ives of Wedbush, reflecting a more conservative outlook compared to the $300 target. As the debate on Apple’s stock performance continues, investors are closely monitoring the company’s strategic moves and market trends.
