Apple stock hit intraday highs after a nod of confidence from Wall Street

apple (Apple) The stock reached an all-time high during the day Thursday after a nod of confidence in its continued rise from Wall Street.

Wedbush analyst Dan Ives raised his price target on Apple shares to a new high of $325, predicting a “golden age of growth” for the Tim Cook-led tech giant in 2025.

“We believe Apple is heading into a multi-year AI-driven iPhone upgrade cycle that the Street continues to downplay,” Ives wrote. “Rome wasn’t built in a day and neither will Apple’s AI strategy but the seeds of that strategy are now being shaped with Apple.” Intelligence and will transform Apple’s consumer growth story over the coming years.

Apple shares touched $260 early Thursday — a record intraday high — before paring gains modestly. The stock still posted its most recent record close, with shares rising 0.3% on Thursday to $259. Shares are up more than 11% over the past month, and the iPhone maker is approaching a market cap of $4 trillion.

Apple is ending 2024 on a winning streak after a difficult start to the year. I have encountered iPhone sales sufferIncreasing competition in China, and Clashes with antitrust regulators at home and outside. Early data from the initial rollout of Apple’s iPhone 16 range It did little to boost Wall Street confidencewith Investment company Jefferies Rare discount version On stocks.

Other analysts, including Ives, He remained bullish on the stock More positive iPhone shipment data has generated confidence in Apple’s AI strategy for its consumer devices. Apple Fourth quarter earnings report A report in early November showed that the tech giant beat expectations on iPhone sales despite a lack of estimates overall.

Stocks began rising in early November to new highs as Apple unveiled its new MacBook Pro lineup, and in mid-December, Added ChatGPT and other Apple Intelligence AI features For iPhone, iPad and macOS. Apple has outperformed several of its peers dubbed the Magnificent Seven over the past month. While Apple shares are up more than 11% during this time frame, Meta (deadrose 6.7%, Microsoft (MSFT(rose by 4.4%, and Nvidia)NVDA) 1% popped up.

However, macroeconomic uncertainty could create headwinds for Apple. Trump’s tariffs on China could affect the prices of Apple products assembled in the country, in a worst-case scenario Adding $256 to the cost per iPhone. The US Federal Reserve expects that it will decline Interest rates are lower than expected In 2025 it also caused concerns that interest rates would continue to rise and Inflation is sticky, Discouraging consumer confidence Heading into the new year.

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