Of the 41 analysts covering Apple (AAPL), 22 have rated the stock as a “buy,” and only one has given it a “sell.” Eighteen analysts have rated the stock as a “hold.” Analysts have a target price of $188.51 and a median consensus estimate of $195.00 on the stock. Apple is now trading at a 3.2% discount to its consensus median target estimate.
Apple’s market cap reached $889.9 billion on March 25, second only to Microsoft (MSFT), which has become the most valuable company in the world with a market cap of $902.7 billion. Amazon (AMZN) touched $871.5 billion, while Alphabet (GOOGL) had a market cap of $831.7 billion.
Analysts upgraded after Apple unveiled its new services
On March 25, Apple announced four new services for its users, which were mainly focused on strengthening its Services segment. Apple unveiled a news subscription service called News+, which it launched immediately. The company also announced a game subscription service called Arcade and a video subscription service called TV+, which will both be launched in fall. Apple also stated that the Apple Card would be launched this summer in the United States.
After the event, several analysts upgraded Apple stock. Piper Jaffray raised its target price to $201 from $187, BTIG raised its target price to $220 from $189, Morgan Stanley raised its target price to $220 from $197, and Canaccord Genuity raised its target price to $230 from $185.