Apple Stock Price Predicted to Hit $383.16 Over Next 12 Months

Apple's stock price has been reaching new heights, and despite Wall Street's doubts about its future growth potential, a closer look at the numbers suggests that there is still room for improvement. According to the latest analysis by 24/7 Wall St., Apple's shares are trading near record highs, with a current price of $338.48.

The model used by 24/7 Wall St. predicts a price target of $383.16 over the next 12 months, which represents an upside of 13.14% and is above the current Wall Street consensus of $328.22. This prediction is based on several factors, including Apple's recent revenue growth, earnings per share (EPS) beat, and strong demand for its iPhone and Services.

One of the key drivers behind this positive outlook is Apple's Siri AI technology, which is expected to unlock a new upgrade cycle across its 2.5 billion-device installed base. Additionally, the company's Services segment has been growing rapidly, with a gross margin of 75.6% and 1.5 billion paid subscriptions.

However, there are also potential risks that could impact Apple's stock price, including memory pricing pressure and regulatory challenges in the EU and China. Despite these concerns, the model used by 24/7 Wall St. predicts a buy signal with high conviction, suggesting that investors should be optimistic about Apple's future prospects.