Nasdaq AAPL Apple

Apple (AAPL) stock broke out in a big way this past week, with shares pole-vaulting over 10%, propelling the stock to a new all-time high just north of the $175 mark.

Those who slept on Apple likely did not have much time to get in on the upside move, as Morgan Stanley (MS) slapped the tech titan with a new Street-high price target of $200.

It's quite remarkable that Apple was able to blast off in spite of the recent report that showed the impact of supply chain shortages and its impact on demand for the iPhone 13.

Undoubtedly, Apple told its suppliers that demand was slowing. Given how influential the company's flagship phone is to the business, one would have thought production halts would have resulted in a steep sell-off. Nobody would have held it against Apple if its stock sagged alongside most other tech stocks going into early December.

Apple stock held its own, though, maintaining resilience in the face of sector-wide volatility, and that's a true testament to its staying power.

As Apple looks to power higher, I think it could lead the FAANG cohort en route to the $3-trillion market cap mark. Even after a remarkable rally, I remain bullish on the stock and think it has room to run as it makes up for lost time. (See Analysts’ Top Stocks on TipRanks)

What Supported Apple Stock?

It's not just about the iPhone anymore. If it was, Apple stock would probably be back below the $140 mark.

Instead, investors seem bullish over the long-term fundamentals, which could improve substantially. With an ambitious report that noted the Apple Car could launch in 2025 with driverless capabilities, and a report from Ming-Chi Kuo that noted an AR headset that could land in the back half of 2022, analysts have had to change some inputs in their financial models.

Undoubtedly, an AR, VR, or mixed-reality headset from Apple would be a positive surprise that could give CEO Tim Cook his long-awaited "one more thing" moment since pulling the curtain on the Apple Watch.

Metaverse Hype

The timing of such a headset has made the company a prime target of the recent bout of metaverse hype inspired by Meta Platforms (FB) just over a month ago.

While Meta is undoubtedly a go-to play to expose oneself to the metaverse, Apple is arguably a smarter way to play it. Why? Apple knows when a next-generation technology is ready for prime time. It always has.

The metaverse remains abstract for many people who've yet to experience it for themselves, either through a pair of VR goggles or through virtual gaming worlds like those built on Roblox (RBLX).

The metaverse holds potential, and the ongoing COVID-19 pandemic could continue to accelerate its move to prime time. Could Apple's headset be ready for next year, as some think? If it is, Apple stock's latest run may just be an appetizer for an even more significant rally, potentially past the $200 mark.

Meta may be the more obvious metaverse play for now, but this could change once Apple deems it's ready to reinvent the mixed-reality headset.

Indeed, all firms engaged with the metaverse could stand to benefit once Apple does look to bring the metaverse into the mainstream. Still, at just 30.5 times trailing earnings, Apple stock seems like one of the cheapest ways to play the trend, given its ability to dominate.

Apple Car Hype

Further, with a potential Apple Car on the way in as little as three years following Kuo's predicted release of an AR headset, Apple stock could find itself on the receiving end of even more price target boosts.

Indeed, the growth in new markets like AR and EVs has the potential to be unfathomable for Apple.

As we learn more, expect Apple stock to continue marching higher, even if iPhone sales fall short. Apple already has its sights set on where the puck is headed next.

Wall Street's Take

According to TipRanks’ analyst rating consensus, AAPL stock comes in as a Strong Buy. Out of 28 analyst ratings, there are 22 Buy recommendations, five Hold recommendations, and one Sell recommendation.

The average Apple price target is $169.88. Analyst price targets range from a low of $90 per share to a high of $200 per share.

Disclosure: Joey Frenette owned shares of Apple at the time of publication.

Disclaimer: The information contained in this article represents the views and opinion of the writer only, and not the views or opinion of TipRanks or its affiliates  Read full disclaimer >

Investors in Apple Inc (Symbol: AAPL) saw new options begin trading today, for the January 2022 expiration. At Stock Options Channel, our YieldBoost formula has looked up and down the AAPL options chain for the new January 2022 contracts and identified one put and one call co

U.S. stock indexes slipped on Thursday after three straight days of gains following positive updates on the Omicron coronavirus variant, with focus now turning towards inflation data for clues on the Federal Reserve's policy decision.

U.S. stock indexes slipped on Thursday after three straight days of gains following positive updates on the Omicron coronavirus variant, with focus now turning towards economic data for clues on the Federal Reserve's policy decision.

Apple Inc.'s (NASDAQ:AAPL) price-to-earnings (or "P/E") ratio of 30.3x might make it look like a strong sell right now compared to the market in the United States, where around half of the companies have P/E ratios below 17x and even P/E's below 9x are quite common. Although, i

In early trading on Thursday, shares of Apple topped the list of the day's best performing Dow Jones Industrial Average components, trading up 0.6%. Year to date, Apple registers a 32.7% gain.

Share prices of contract electronics manufacturer Jabil (NYSE: JBL) are down more than 4% in the past month as stocks of companies that form a part of Apple's (NASDAQ: AAPL) supply chain have taken a beating thanks to reports of weak iPhone 13 demand and production bottlenecks.

U.S. stock indexes were set to fall on Thursday after logging three straight days of gains on positive updates on the Omicron coronavirus variant, with focus now turning towards economic data for clues on the Federal Reserve's policy decision.

In recent trading, shares of Apple Inc (Symbol: AAPL) have crossed above the average analyst 12-month target price of $173.88, changing hands for $175.08/share. When a stock reaches the target an analyst has set, the analyst logically has two ways to react: downgrade on valuatio

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The ongoing saga of the global chip shortage has continued to wage on, adversely affecting the automotive and smartphone industries and rattling their investors as a result. However, the world’s most valuable company appears to have mitigated its impact, or at least has the strength to overcome it. Despite the shortage, Apple Inc. (Nasdaq:AAPL) is poised to sell about 40 million iPhone 13’s this quarter, and is currently experiencing the most fundamentally productive product cycle of the past ten years.  

These metrics are derived from the calculations of one of Wall Street’s most accurate analysts, Daniel Ives of Wedbush Securities, who added that demand for the iPhone 13 is currently outpacing production capacity. He elaborated that the gap currently stands around 10 million units, which is expected to act as a “key driver of the stock going forward.”  

Ives rated the stock a Buy, and declared a price target of $200. This target currently suggests a potential 12-month upside of 14.23%.  

China remains considerably significant to Apple’s sales story, as the place where about 15 million iPhone 13’s sold this quarter. These huge iPhone upgrade numbers are helping to push AAPL toward a $3 trillion market cap, which Ives sees occurring before or during 2022.  

Additionally, Apple has been investing heavily in new innovations and technologies, notably its Apple Glasses and their AR capabilities. According to Ives, the “massive market opportunity” in the metaverse for the tech company could boost its stock price up to $20 on a sum-of-the-parts valuation basis.  

Even for all of his bullishness, Ives left room to discuss Apple’s stock risks. The company's future progress hinges on the unpredictable nature of Chinese regulation, which has had more contentions with other large tech firms this past year. On top of the precarious situation, many of Apple’s direct competitors are based in China, which pose as an obstacle in from of the company’s product cycle strategy.  

At the same time, Ives does not anticipate the supply chain constraints causing too much detriment to the current demand/ supply calculation.  

On TipRanks, AAPL has an analyst rating consensus of Strong Buy, based on 22 Buy, 5 Hold, and 1 Sell rating. The average AAPL price target is $169.88, reflecting a possible 12-month downside of 2.97%. AAPL closed trading Wednesday at a price of $175.08 per share.  

Disclosure: At the time of publication, Brock Ladenheim did not have a position in any of the securities mentioned in this article. 

Disclaimer: The information contained in this article represents the views and opinion of the writer only, and not the views or opinion of TipRanks or its affiliates  Read full disclaimer > 

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The narrative around Apple (AAPL) often paints the iPhone and its accompanying launch cycle as the stock performance’s main driver - the flagship product leads the way, with all other revenue streams following in its wake. However, Morgan Stanley’s Kathryn Huberty believes it is time to re-examine this narrative.

Huberty points out that over the last 5 years, AAPL stock has gained around 500% - far outpacing the S&P 500’s 105% return – but iPhone revenue has only increased by 40% during that time. Which means that other products must be driving the share gains.

“In 2014, Apple didn't even have a meaningful Wearables business,” the 5-star analyst notes, “But today Apple Watch, AirPods,and other Wearables & Accessories are a $38B business – the size of a Fortune 120 company.”

That’s not the only example. Rewind to 5 years ago, and investors might have wondered whether Apple was capable of further monetizing its Services business, yet that segment’s sales have doubled over the past 4 years, and now it generates almost $70 billion in annual revenue.

Huberty estimates that over the past five years roughly 6% of Apple's total annual revenue has come from products or services that 5 years beforehand did not even exist, highlighting Apple Watch, AirPods, Apple TV (the hardware), Apple Music, Apple TV+ (the streaming service) and Apple Pay as examples.

Ok, this is all interesting stuff, but what does it all mean? The analyst explained.

“Today,” says Huberty, “We know that Apple is working on products to address two significantly large markets – AR/VR and Autonomous Vehicles – and as we get closer to these products becoming a reality, we believe valuation would need to reflect the optionality of these future opportunities.”

Simply put, the rollout of these future products should be taken into account when considering Apple’s valuation and factoring these in, Huberty concludes that Apple stock deserves a price target boost.

The Morgan Stanley sees AAPL reaching $200 (up from $164), a Street-high target and one set to generate returns of 14%. Unsurprisingly, Huberty rates the stock an Overweight (i.e. Buy). (To watch Huberty’s track record, click here)

The rest of the Street’s take on Apple is flashing mixed signals. On the one hand, based on 22 Buys, 5 Holds and 1 Sell, the stock boasts a Strong Buy consensus rating. However, AAPL stock has just clocked a new all-time high, and in contrast to Huberty, most think the shares have run enough for now; going by the $169.28 average target, they are expected to remain rangebound for the foreseeable future. (See Apple stock analysis on TipRanks)

To find good ideas for tech stocks trading at attractive valuations, visit TipRanks’ Best Stocks to Buy, a newly launched tool that unites all of TipRanks’ equity insights.

Disclaimer: The opinions expressed in this article are solely those of the featured analyst. The content is intended to be used for informational purposes only. It is very important to do your own analysis before making any investment.

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