After a commendable performance in 2023, Apple Inc.’s (NASDAQ: AAPL) stock faced a series of setbacks in the early days of 2024, experiencing three downgrades from prominent analysts.
Following Barclays and Piper Sandler, Redburn-Atlantic analysts were the latest to downgrade the tech giant’s stock, citing limited iPhone growth potential and a bleak outlook for the March quarter.
These downgrades underscore a noticeable shift in analysts’ sentiment toward Apple, reflecting concerns about the company’s future prospects. Despite a decent stock market display, the tech giant grappled with four consecutive sales declines in fiscal 2023, marked by diminishing iPhone demand, challenges in the Chinese market, and regulatory obstacles.
Seeking deeper insights, Finbold turned to AI-powered algorithms on CoinCodex to analyze Apple’s stock price trajectory for the end of the year.
The prediction
Based on the price projections shown by CoinCodex’s AI algorithms, Apple’s shares are expected to trade at $160.80 on December 31, 2024, implying a noteworthy downside risk of roughly 14% from the current price per share.
For short-term forecasts, the platform anticipates Apple’s stock price to reach $205.06 in the next month, followed by a subsequent downward trend in the ensuing months.
AAPL stock technical analysis
At press time on January 11, AAPL was trading at $186.19 after closing 0.57% higher a day earlier.
At this price, the stock faces near-term resistance at $190. Piercing through this barrier would allow the bulls to attack the next resistance zone around $194.5, and potentially target a new all-time high. The stock’s latest record high was $199.62, reached in mid-December.
On the downside, AAPL is hovering above a confluence support zone formed by 100-day and 200-day moving averages (MA), located at $182.66 and $180.41, respectively.
Dropping below this price range would pave the way for further declines toward the next support at $173.40.
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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.
Source: https://finbold.com/ai-predicts-apple-stock-price-for-end-of-2024/