International Data Corporation (IDC) rekindled optimism in smartphone makers like Apple Inc
The research firm flagged the popularity of budget Android
- IDC expects Android to grow nine times faster at 7.1% than Apple iOS due to higher competition in China.
- However, IDC highlighted GenAI's success with the upcoming iPhone 16 and Apple's capability to forge local AI partnerships in China as potential growth drivers for Apple.
- IDC expects the iOS trajectory to improve in 2025 with 4% year-over-year growth courtesy of Apple Intelligence.
- IDC expects GenAI smartphones to win an 18% market share by 2024, driven by the premiumization trend.
CEO Tim Cook attended the China Development Forum in Beijing. Apple also discussed integrating Baidu Inc's
Apple stock gained 27% in the last 12 months. Investors can gain exposure to Apple through Vanguard Div Appreciation ETF
Will Apple Stock Go Up?
When trying to assess whether or not Apple will trade higher from current levels, it's a good idea to take a look at analyst forecasts.
Wall Street analysts have an average 12-month price target of $240.54 on Apple. The Street high target is currently at $300.0 and the Street low target is $164.0. Of all the analysts covering Apple, 38 have positive ratings, 7 have neutral ratings and 3 have negative ratings.In the last month, 16 analysts have adjusted price targets.
The average stock market return is approximately 10% per year. Apple is 22.83% up year-to-date. The average analyst price target suggests the stock could have further upside ahead.
Price Action: AAPL shares traded higher by 0.13% at $228.32 premarket at the last check on Wednesday.
