Can Apple Stock Hit $200 in 2023?
You may have noticed that Apple stock (NASDAQ: AAPL) gained 5% last week, delivering a remarkable 51% return to investors year-to-date. But can the stock continue to rise and finally break above the $200 mark this year?
New iPhone Launch
With over 57% of the US smartphone market share, Apple is a dominant player in the industry. The upcoming launch of the iPhone 15 could trigger another stock rally. Historical data shows that Apple stock tends to perform well in the months following an iPhone launch.
The reveal of the iPhone 15 and the new Apple Watch Series 9 is expected to happen on Tuesday, September 12. Preorders typically start on the Friday after the unveiling, with deliveries to customers and stores occurring one week later.
These events have the potential to drive bullish sentiment for the stock in the near term.
Analysts’ Optimism
Analysts are also optimistic about Apple stock. Evercore ISI analyst Amit Daryanani expects the iPhone 15 to drive device refresh and increase average selling prices. He has a price target of $210 for the stock.
Wedbush analyst Dan Ives rates the stock as ‘Outperform’ with a price target of $230. He predicts a price increase for the iPhone 15 Pro/Pro Max versions, which should be well-received by upgrade customers.
It’s worth noting that Warren Buffett’s Berkshire Hathaway has over 51% of its portfolio invested in Apple stock. Buffett has held onto his shares, and the investment has been highly profitable, with the stock up over 600% since 2016.
Technical Analysis
From a technical standpoint, Apple’s stock price broke out of an ascending channel in early August and is currently supported at $175. The resistance level stands at $190, but given the stock’s previous attempt to break $200, it’s likely that $200 is the target price.
Apple stock has outperformed the S&P 500 this year, delivering a generous 51% return. Whether it can reach $200 in 2023 remains to be seen, but the upcoming iPhone launch and positive analyst sentiment suggest that it’s a possibility.
Hot Take
Considering Apple’s strong market position, the upcoming iPhone launch, positive analyst sentiment, and the stock’s previous performance, it’s not unreasonable to think that Apple stock could reach $200 in 2023. However, as with any investment, there are risks involved, and it’s important to carefully consider your options and do thorough research before making any decisions.
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