Wedbush's Daniel Ives further boosts price target for Apple on expected holiday iPhone surge
Analysts at Wedbush boost their price target on Apple stock to a Wall-Street high of $325.
James Cakmak, CIO at Clockwise Capital, discusses Apple's performance and its potential to continue growing into 2025. While he acknowledges Apple's strength, crossing the $4 trillion mark, he notes concerns about its valuation and growth rate.
Roughly three decades ago, the proliferation of the internet changed the landscape of corporate America forever. The internet opened new sales channels that had previously not existed and vastly increased addressable markets, especially overseas.
Apple is currently the most valuable publicly traded company in the world, with a market value of $3.9 trillion. The company has held that title for the better part of a decade but has yet to demonstrate it can monetize artificial intelligence (AI).
As traditional sectors experienced lagging recovery after the great financial crisis of 2008, investors increasingly turned to big tech — an industry that had matured and expanded significantly after the dot com crash at the turn of the millennium.
Since Warren Buffett became the CEO of Berkshire Hathaway (BRK.A 0.80%) (BRK.B 0.95%) in 1965, its stock has delivered a compound annual return of 19.8%. That would have been enough to turn a $1,000 investment into $42.5 million, whereas the same investment in the S&P 500 would have grown to just $325,053 over the same period.
This chart features all eight American technology stocks with valuations of $1 trillion or more, and their respective returns in 2024 so far. Their average return for the year works out to around 67%.
Apple (AAPL) has taken a significant step in the ongoing antitrust saga surrounding Google's search engine dominance, requesting to participate in the upcoming US trial. This move underscores the iPhone maker's concern about its revenue-sharing agreements with Google, which generate billions of dollars annually by making Google the default search engine on Apple's Safari browser.
The days surrounding the Christmas holiday have historically been some of the most bullish times of the year.
"Google can no longer adequately represent Apple's interests: Google must now defend against a broad effort to break up its business units," Apple said.
Tom Forte, Maxim Group senior consumer internet analyst, joins 'Squawk on the Street' to discuss why Apple's stock has moved higher, why Forte is still has a hold rating on the stock, and much more.