Apple stock (NASDAQ: AAPL) climbed above the $300 level in July and is trading comfortably after breaching the wall. Now that AAPL has entered a new territory, Wall Street analysts have remained bullish on the global mobile giant. The tech titan opened Tuesday’s bell at $312, after surging nearly 10% in the last five trading sessions. The equity is attracting bullish pressure, with buying activity experiencing a sharp increase this month.
On the heels of a price spurt, equities research firm Evercore ISI maintained its buy rating for Apple stock. Amit Daryanani, the Senior Managing Director, wrote in a note to clients explaining that AAPL is on its way to breach the $350 mark next. Accumulating the equity at the current level, despite it climbing above $300, could still be beneficial to traders. This makes the stock a must-watch, as it has bigger upside potential and can generate returns.
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Evercore ISI’s Apple Stock Price Target (AAPL)
Evercore ISI’s analyst Daryanani has given Apple stock a price target of $365. That’s an uptick and return on investment (ROI) of approximately 17% from its current price of $312. Therefore, an investment of $1,000 could turn into $1,170 if the price prediction turns out to be accurate and AAPL hits the mentioned target. This could lead to double-digit returns and turn an investor’s portfolio green.
Daryanani is a five-star-rated stock analyst with a success rate of 68.7%. Most of his previous price targets for Apple stock have also turned out to be accurate. Wall Street is also gearing up for AAPL as the next series of iPhones and iWatch is scheduled for a big launch in September. The new CEO, John Ternus will lead the most awaited launch event this time, ushering in a change and pushing the company into a new era.