Apple (NASDAQ: AAPL) the share price continues the bullish momentum since the start of this year. Fortunately, analysts say AAPL shares still have bullish momentum in the coming days. The majority of analysts expect the tech giant to hit the $ 300 mark. Several catalysts are supporting the rise in the AAPL share price.
Apple’s stock price is currently trading around an all-time high of $ 264. His fourth quarter results as well as a stronger than expected outlook for the first quarter bolstered the trader’s sentiments. In addition, the outlook for the Apple streaming service and improving iPhone earnings are contributing to bullish sentiments.
Analysts are bullish on Apple’s share price
RBC has set a price target of $ 295 with outperformance ratings. RBC analyst Rober Muller says: “the iPhone is arguably the most popular consumer product in the world, which offers “opportunities for further integration into the lives of its customers.. “
Bank of America anticipates significant upside potential for Apple stocks. BofA analyst Wamsi Mohan says that despite trading at record highs, the performance of Apple stocks has underperformed its financials and the performance of the iPhone 11.
Wedbush says Apple shares are well positioned to hit $ 300. Wedbush expects AAPL to hit 190 million iPhone units this year with the 5G “supercycle” around the corner.
IPhone and income diversification are among the biggest catalysts
The company topped analysts’ estimates for iPhone revenue. Its iPhone revenue of $ 33.4 billion rose from the consensus of $ 32.77 billion. Additionally, it delivered a substantial 17% year-over-year growth in non-iPhone revenue in the last quarter.
Wearable revenue increased 50% from the previous year. In addition, service revenue of $ 12.5 billion reached an all-time high.
The company expects growth in the first quarter. It expects first-quarter revenue in the range of $ 85.5 billion to $ 89.5 billion, up from analyst consensus of $ 86.71 billion. The company plans to launch the streaming service in the coming days, which could improve its revenue base. Overall, Apple’s stock price seems able to extend the uptrend.