TECH - Wall Street Gunning For 14% Rally In Apple Stock Despite Slow 2024 So Far Compared To Mag 7 Peers: 'AI... Will Aid Multiple Years Of Growth' | Benzinga
Apple Inc. (NASDAQ:AAPL) stock could potentially surge by 14% as it emerges as a leader in the artificial intelligence (AI) sector, according to two Wall Street research reports.
What Happened: Although Apple stock had a relatively slow year so far in the Mag 7 club, both CFRA and Bernstein have raised their price targets for Tim Cook-led to $240 per share, citing the company’s advancements in AI, reported Business Insider.
The stock has risen only 11.77% this year, while its other Mag 7 peers, excluding Tesla, have given better returns for investors. The Magnificent Seven stocks include Apple, Microsoft, Google parent Alphabet, Amazon, Nvidia, Meta Platforms and Tesla.
Only Tesla Inc. has performed worse than Apple in 2024 so far, as far as the Mag 7 is concerned.
Company Year-to-date return
Nvidia 162.76%
Meta Platforms 42.88%
Google 29.16%
Amazon 26.11%
Microsoft 21.28%
Apple 11.77%
Tesla -26.33%
CFRA analyst Angelo Zino predicts that Apple is on the verge of transforming ...