Apple is Still a “Top Pick” Heading into New Year 2024

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Investors may want to jump on the recent weakness in Apple (AAPL).

After an explosive jump from about $130 to $192, Apple could test $250 in the first few months of the new year, we believe. Helping, Wedbush analyst Dan Ives just said, “The iPhone China demise narrative was a great fictional story by the bears which is far from the reality as underlying mainland China growth remains strong for the December quarter based on our Asia supply chain checks and a key asset for the core iPhone franchise,” as quoted by Barron’s.

Better, Apple is still a top tech pick for Wedbush, which also has a $250 price target. “In a nutshell, 2024 is the year for [Apple CEO Tim] Cook & Co. to show iPhone growth again and further monetize its golden installed base that Cupertino has built,” analysts added.

Apple last traded at $192.34 – down about $1.24 on the day.