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Key Takeaways
- Apple is set to report earnings after the market closes on Thursday, with a majority of analysts tracked by Visible Alpha bullish on the stock’s prospects.
- Wedbush analysts said the iPhone 16 with Apple Intelligence could “kick off a true supercycle for Apple.”
- The firm estimates there are about 300 million iPhones globally that could be primed for an upgrade.
Apple (AAPL) will report fiscal fourth-quarter earnings after the market closes on Thursday, with a majority of analysts bullish on the stock going into the company’s first report since the iPhone 16’s release last month.
Of the 15 analysts covering the stock tracked by Visible Alpha, nine have “buy” or equivalent ratings, four have “hold” ratings, and two have “sell.” Their consensus price estimate of $240.87 implies a 6% premium on Thursday’s intraday price of $226.97.
Wedbush analysts, who reiterating a $300 price target on Monday, said the iPhone 16 with Apple Intelligence could “kick off a true supercycle for Apple.” The firm estimates that there are roughly 300 million iPhones globally that could be primed for an upgrade.
That said, the iPhone 16 could have a minimal impact on Apple’s fourth quarter results. The iPhone 16 was released in stores on Sept. 20, with the quarter running through the end of the month.
Wedbush analysts added they expect Apple could be the first company to hit a $4 trillion market cap in 2025. The iPhone maker currently has a market cap of $3.46 trillion, making it the most valuable company in the world. Its shares have gained 18% so far in 2024.