What could finally drive Apple stock past $200
Apple stock is on the brink of wiping out its losses in the year to date as investors’ excitement mounts over the belated unveiling of its artificial intelligence strategy at WWDC 2024 on June 10th.
Apple shares were edging up 0.2% to $192.66 in early trading on Wednesday.
It’s not much of a gain, but it does put the stock on track for an eighth consecutive rise after notching its seventh consecutive days of increases on Tuesday, its longest winning streak since September last year. That left it down just 0.1% this year so far, having fallen as low as $165 a share last month.
The catalyst looks to be increasing optimism around what might be announced at Apple’s Worldwide Developers Conference, or WWDC, which will be held online June 10-14. The company is widely expected to announce the integration of AI into its iPhones, including a refreshed version of its Siri digital assistant.
The stock might keep heading higher ahead of WWDC, but Apple also has a historical pattern of selling off after the annual event, notes Melius Research analyst Ben Reitzes.
“We aren’t smart enough to know this time, but these AI announcements have broken some well-known patterns for other stocks to the positive side of late,” Reitzes wrote in a research note.
Support MacDailyNews at no extra cost to you by using this link to shop at Amazon.
MacDailyNews Take: Melius Research’s Reitzes maintains a $227 target price and a “Buy” rating on Apple stock.
Please help support MacDailyNews. Click or tap here to support our independent tech blog. Thank you!
Support MacDailyNews at no extra cost to you by using this link to shop at Amazon.
The post What could finally drive Apple stock past $200 appeared first on MacDailyNews.
