Wall Street liked what it saw and heard from Apple at the company’s Worldwide Developers Conference Monday.
At least seven analysts boosted their price targets on Apple’s stock following the unveiling of iOS 14 and several other new features. A few of them even raised their targets as high as $400 a share. That’s about 10% higher than Apple’s current stock price.
Apple (AAPL) shares rose nearly 2% Tuesday to about $364, bringing its year-to-date surge to about 25%.
That also brings Apple’s market capitalization to nearly $1.6 trillion. It’s the most valuable company in America, and it’s also the second best performer in the Dow in 2020 – trailing only rival Microsoft (MSFT), which is up nearly 30% and worth a little more than $1.5 trillion.
If Apple shares rise about another 20%, the company will reach a market valuation of $2 trillion. The magic number that the stock needs to hit is $461.89.
But can Apple get there anytime soon?
Despite all the optimism coming out of WWDC, many analysts are still skeptical that Apple shares can climb that much higher given how much it’s already surged this year.
The consensus price target for Apple’s stock from the 39 Wall Street analysts that follow the company is about $343 – 6% below its price as of Tuesday morning.
And the highest price target for Apple is just $410.60, from China Renaissance Securities analyst Jason Sun.
Whether Apple can break through those targets remains to be seen – but it is a company that has frequently proven doubters wrong.