Apple shares hit an all-time high on Thursday as analysts see a “golden era of growth” with AI

Shares of Apple (AAPL) closed at an all-time high on Thursday after Wedbush analysts led by Dan Ives told clients the iPhone maker could be heading toward a “golden age of growth” in 2025, fueled by the demand for artificial intelligence (AI).

Analysts raised their price target on Apple shares by $25 to $325, up about 25% from Thursday’s record closing price of $259.02. They maintained their “Outperform” rating and assumed a multi-year, AI-driven iPhone upgrade cycle that is “still ongoing.” underestimated from the street.

That’s much higher than analysts’ average price target of about $244, as determined by Visible Alpha, which would represent a decline from Thursday’s levels. Just over half, or nine, of the 15 analysts surveyed rate the stock as a “buy” or equivalent, four of them as a “hold” and two as a “sell”.

Wedbush’s target increase comes as the company predicts Apple could sell more than 240 million iPhones in fiscal 2025 “as this AI-driven upgrade cycle takes hold and this will be the highest iPhone sales year in Apple’s history.” .”

With Thursday’s rise, Apple shares have gained more than a third of their value since the start of the year as the company’s market capitalization approaches $4 trillion.

Wedbush believes Apple could soon reach the $4 trillion threshold, making it the first company in the world to do so. There are currently only three companies with market caps over $3 trillion, including Apple, Nvidia (NVDA), and Microsoft (MSFT).

UPDATE – Dec. 02/26/2024: This article has been updated to reflect more current stock price information.