Apple stock price prediction; Can AAPL hit $200 in 2023?

Apple (NASDAQ: AAPL) stock gained 5% last week after an impressive performance of 51% returned to investors year-to-date.

Can the stock move higher and finally break above the $200 mark this year?

New iPhone is about to launch

Apple holds over 57% of the US smartphone market share, meaning every second American has an iPhone. With the iPhone 15 set to launch this month, it could trigger another stock rally as the stock has rallied historically in the months following an iPhone launch.

We could potentially see the reveal of the iPhone 15 and the new Apple Watch Series 9 at the Steve Jobs Theater on Tuesday, September 12. Apple typically makes new iPhones available for preorder on the Friday after their unveiling, with delivery set to customers and stores one week later.

These events could be bullish for the stock in the near term.

Analysts love the stock

Evercore ISI analyst Amit Daryanani wrote in a research note on August 18, “The iPhone 15 is set to bring design and feature updates, and we think that the design changes… will not only drive device refresh, but also drive a higher ASP [average selling price] mix via both higher pricing and incrementally convincing consumers to spend more and purchase the Pro models vs. the base models.” Daryanani has a $210 price target.

Wedbush analyst Dan Ives rates the stock at ‘Outperform’ with a $230 price target. He said on August 15, “Expect a $100-$150 price increase on the iPhone 15 Pro/Pro Max version, which after major carrier promotions should be digestible to many upgrade customers.”

Warren Buffett’s Berkshire Hathaway portfolio now consists of over 51% Apple stock, and he hasn’t sold anything yet. For comparison, his second-largest holding is Bank of America (NYSE: BAC), with 8.5%. This has proven quite lucrative for Buffett as the stock is up over 600% since Berkshire began buying shares in the first quarter of 2016.

Apple stock technical analysis

Apple’s stock price traded in an ascending channel from the beginning of the year until early August, when it broke out of the channel. Its current support price level stands at $175 and has successfully held the price from falling to $150.

At the moment, $190 stands as the resistance level, but given that the price almost broke $200 one month ago, it’s likely that $200 is the price Apple stock aims for.

Apple has outperformed the S&P 500’s 18% return year-to-date with a generous 51% return to investors.

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Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.