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 ...