Wedbush's recent "Outperform" rating for Apple, with a 12-month price target of $325, has bolstered investor confidence, driving the stock higher. The firm's optimism is fueled by the iPhone 16's robust performance, which has outpaced its predecessor and led to a record number of upgrades in the December quarter. Apple's Q1 FY25 earnings report further supports this bullish outlook, with revenue reaching $124.30 billion, a 4% y/y increase, despite a slight decline in iPhone sales. Strong growth in services, iPad, and Mac segments has offset this weakness, with services revenue alone growing 14% y/y. The anticipation of Apple's continued expansion, particularly with Apple Intelligence entering new markets like China, adds to the positive sentiment.
The Direxion Daily AAPL Bull 1.5X Shares (AAPU) ETF surged 6.86% to $35.68 as of 7:00 AM on Friday, January 31.