Apple stock could soar 37% to a $4 trillion market valuation by the end of 2024 after confirming a key breakout to all-time highs

Tim Cook with Vision Pro

Apple CEO Tim Cook stands next to the new Apple Vision Pro headset on display during Apple’s Worldwide Developers Conference on June 5, 2023 in Cupertino, California.Photos Justin Sullivan/Getty

  • According to Fairlead Strategies, Apple stock could rise sharply after confirming a breakout above its previous record high of $183.

  • The stock could rise 37% from current levels to $254 by the end of 2024.

  • “Uptrend” [in Apple] shows no signal to reverse the trend,” said Fairlead Strategies.

Apple stocks unequivocally confirmed its breakout to new record highs on Friday, and that could pave the way for more rallies in 2024, according to a Friday note from Fairlead Strategy.

The company highlighted that with Apple stock trading at $187 Friday afternoon, the stock is poised to close above previous resistance at $183 for the second straight week, confirming a decisive breakthrough.

This “bullish long-term development” creates a new price target of $254 a share for Apple, which represents a 37% upside potential from current levels. An increase to that level would give the iPhone maker a market valuation of about $4 trillion based on current shares outstanding of $15.79 billion.

Fairlead Strategies founder Katie Stockton told Insider on Friday: “The breakout yields a measured move target of around $254 using the Covid/2020 corrective low as a reference point.” . “The ‘measured move’ assumes that the uptrend ahead of the 2021-2022 trading range has continued.”

Stockton identifies late 2024 as the time frame for hitting its technical price target and notes that the stock’s uptrend looks set to continue in the short term.

“The uptrend hasn’t shown a counter-trend signal yet. As the downtrend develops, initial support is at the rising 20-day moving average… although the downtrend seems imminent,” she said. speak. Apple stock’s 20-day moving average is currently around $181 per share.

Apple stock is up 44% through 2023 and has driven the majority S&P 500 From the beginning of the year up to now, it has increased about 14%. The company recently announced its first product in the AR/VR market, Apple Vision headset, which one will sells for $3,499 when it’s released early next year.

Apple’s current valuation is around $2.96 trillion, and it will cross the $3 trillion threshold if the stock price hits $190.73, just over $3 from its current level.

apple stock

Katie Stockton, Fairlead Strategy

Read the original post on Business Insider


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