Analysts Upgrade Apple Stock with Bullish Targets, Pushing Price Forecasts Higher

This week, Apple Inc. (AAPL, Financial) gained confidence from analysts, who revised their recommendations and price targets for the stock, suggesting that the Street is bullish on the tech firm.

Apple received more analyst support from its sources, with Monness Crespi & Hardt affirming a buy stance and increasing its target price to $245. Analysts were motivated by Apple’s high growth prospects and the continuing diversification of its product offering. This comes while Apple remains one of the most valuable firms in the market, with constant demand for its flagship devices and a growing services arm.

Robert W. Baird also raised its price target on Apple from $200 to $240. The firm revised its recommendation to outperform, stating that new Apple products, coupled with the firm’s leadership in the above-premium smartphone segment, signal continuous revenue growth. According to the firm’s analysts, Apple maintains a diverse ecosystem of hardware, software, and services, which they believe will remain instrumental in supporting future earnings.

Moreover, Morgan Stanley reiterated its overweight rating and increased its target price to $273, further solidifying evidence that the company can deliver considerable returns.

These upgrades come as the broader market remains cautious, but they give more credit to Apple and highlight how the company can continue selling its products, even in a credit crunch. Trading at 15.4 times its estimated earnings per share for the next year, the fundamentals for AAPL stock are equally encouraging, positioning it for the next leg higher amid short-term risk factors and long-term opportunities.

This article first appeared on GuruFocus.