Apple stock (NASDAQ: AAPL) has surged above $300, opening Tuesday’s trading session at $312 after a nearly 10% gain in the last five sessions. Analyst firm Evercore ISI has reiterated its buy rating, setting a price target of $365. The firm’s Senior Managing Director, Amit Daryanani, stated that the stock has “bigger upside potential” and could generate returns, suggesting accumulation at current levels remains beneficial. Wall Street is also looking ahead to Apple’s upcoming product launch, which will be led by new CEO John Ternus.
Apple stock (NASDAQ: AAPL) climbed above the $300 level in July and opened Tuesday’s bell at $312, surging nearly 10% in the last five trading sessions. Buying activity has experienced a sharp increase this month, attracting bullish pressure.
Equities research firm Evercore ISI maintained its buy rating for the tech titan. According to Amit Daryanani, the firm’s Senior Managing Director, AAPL is on its way to breach the $350 mark next.
Daryanani wrote in a note to clients that accumulating the equity at the current level, despite it climbing above $300, could still be beneficial. “This makes the stock a must-watch, as it has bigger upside potential and can generate returns.”
Evercore ISI has given Apple stock a price target of $365, representing a potential return of approximately 17% from its current price of $312. An investment of $1,000 could turn into $1,170 if the target is met.
Daryanani is a five-star-rated stock analyst with a success rate of 68.7%. Most of his previous price targets for Apple stock have turned out to be accurate.
Wall Street is also gearing up for AAPL as the next series of iPhones and iWatch is scheduled for a major launch in September. New CEO John Ternus will lead the event, ushering in a change and pushing the company into a new era.
