Wednesday Jan 10 2024 06:55
3 min
Apple shares saw a rally on Monday, marking their first daily gain in 2024 after the tech giant announced the availability of its Apple Vision Pro mixed-reality headset.
Preorders for the Vision Pro will begin on January 19, with the headsets becoming available at all U.S. stores and online starting February 2. The news prompted a 2.4% climb in Apple stock, breaking a five-session losing streak that had seen a 6.4% decline since December 29.
The timing of the headset availability aligns with expectations, as reported by Bloomberg in mid-December, forecasting a launch by February.
Before the Monday rebound, Apple's stock had faced challenges in 11 out of the previous 14 sessions since reaching a record high of $198.11 on December 14. The stock had witnessed an 8.5% decline during this period, erasing close to $263.3 billion in the company’s market capitalization.
Despite the challenging end to 2023, Apple's stock achieved a remarkable 48.2% surge over the course of the year. In comparison, the Dow Jones Industrial Average (DJIA) climbed 13.7% in 2023, while the Nasdaq Composite recorded a 43.4% gain.
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Two analysts, Harsh Kumar at Piper Sandler and Tim Long at UK investment bank Barclays, recently downgraded their Apple share price forecasts, citing concerns about the company’s valuation and pressures in the global smartphone market. Kumar revised AAPL stock down to Neutral from Overweight, while Long shifted to an Underweight rating from a prior rating of Neutral.
Most analysts remain optimistic about the Apple share price despite the revisions and the shaky start to 2024.
According to 31 analysts surveyed by TipRanks that offered 12-month Apple stock price targets, the consensus forecast for AAPL last stood at $203.28 — a potential 9.55% upside from its current price as of January 9, 2024.
The highest listed Apple share price forecast on Tipranks was $250.00, while the lowest was listed at $150.00. Of the 31 analysts surveyed, 22 offered a Buy rating on APPL stock, while 8 had it as a Hold, and one gave it a Sell rating.
At the time of writing on Tuesday, Apple shares were down 0.83% in premarket trading at $184.03, after closing at $185.56 (up 2.42%) the previous day.
When considering shares for trading and price predictions, remember that trading CFDs involves a significant degree of risk and could result in capital loss.
Past performance is not indicative of any future results. This information is provided for informative purposes only and should not be construed to be investment advice.
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