Goldman Sachs analyst Michael Ng predicts a 25.23% potential upside for NASDAQ:AAPL, setting a price target of $276.
The “It’s Glowtime” event, expected to unveil the iPhone 16, has sparked significant investor interest, potentially impacting Apple’s stock performance.
Despite historical mixed reactions to product announcements, unexpected positive developments at the event could justify the optimistic price target.
On Wednesday, September 4, 2024, Michael Ng from Goldman Sachs set a price target of $276 for NASDAQ:AAPL, indicating a potential upside of approximately 25.23% from the posted price of $220.39. This optimistic forecast comes ahead of Apple Inc.’s much-anticipated “It’s Glowtime” event, which has the tech community buzzing with speculation. The event, scheduled for September 9, is expected to showcase the latest iPhone 16, alongside updates to the Apple Watch and AirPods. This announcement has sparked curiosity among investors and analysts alike, regarding its potential impact on Apple’s stock performance.
Apple Inc., a leading technology giant, is known for its innovative products and significant influence in the tech market. The company’s events, especially those unveiling new products, are closely watched by investors for hints on the company’s future direction and financial health. The “It’s Glowtime” event is no exception, with expectations running high for the iPhone 16. Goldman Sachs analyst Michael Ng’s analysis, shared in the context of this event, suggests a bullish outlook for Apple, underpinned by the potential success of its new product lineup.
Despite the general excitement, the stock market’s reaction to Apple’s product announcements has historically been mixed, often underperforming the broader market on the day of the announcement. However, Ng’s analysis points to a different outcome this time, suggesting that the event could defy this trend if it includes unexpected positive developments. These could range from a price increase for the new iPhones, the introduction of advanced AI features and apps ahead of schedule, to more attractive carrier promotions. Such surprises could provide a significant boost to Apple’s stock, justifying the optimistic price target set by Goldman Sachs.
At the time of the analysis, Apple’s stock was trading at $220.85, experiencing a slight dip of $1.92 or approximately -0.86%. Despite this minor fluctuation, the company’s market capitalization remains robust at about $3.36 trillion, reflecting its massive scale and influence in the global market. The trading volume of 41,730,184 shares indicates active investor interest in Apple’s stock, which could see significant movement following the “It’s Glowtime” event. With a year-long stock price range from a low of $164.08 to a high of $237.23, Apple’s financial performance and market position remain strong, supporting Ng’s bullish outlook for the company’s future.
