Analyst says 5G could propel AAPL to $375 this year
What you need to know
- One analyst believes 5G "complexity and hype" could propel Apple's share price to $375 this year.
- D.A. Davidson analyst Tom Forte thinks that AAPL could grow by another 20% this year.
- He believes Apple can exploit 5G for growth in both Fall 2020 and 2021.
This article has been updated to include the further predictions of Wedbush analyst Dan Ives, who's $400 share prediction is even more bullish than that of Tom Forte!
D.A. Davidson analyst Tom Forte believes that 5G could propel Apple's share price to $375, in the most bullish stance on Apple's stock to date.
As reported by Business Insider:
In his note he said:
Most recently, reports from supply chain insider Ming-Chi Kuo seemed to suggest that Apple would indeed adopt mmWave 5G in its 2020 iPhones. If Forte's prediction is to be believed, that could make Apple's stock jump another 20% or so in 2020.
Elsewhere, Wedbush analyst Dan Ives believes that Apple's stock could reach $400 this year, an even more optimistic prediction than that of Tom Forte. As reported by Apple Insider:
According to the report Ives said:
Apple is coming off the back of a record-breaking 2019 in which it's value grew by 86% despite conservative iPhone sales. Just 14 days into 2020, AAPL last closed at $316, having started the year at $300. Whilst it's unlikely that Apple will sustain that kind of growth all year, the stunning momentum of AAPL shares shows no sign of slowing down.
Forte described the iPhone's slowing growth in 2019 as a blessing-in-disguise, suggesting that the maturing of the smartphone market pushed Apple to look towards other revenue drivers, such as its wearables and services like Apple Music to sustain its growth. Apple recently hailed a "landmark year" for its services. With Apple posting records left, right, and center based on fairly modest iPhone sales, one can only imagine how it might excel with strong iPhone performance underpinning 2020.
Previous reports had suggested that investors had maybe missed the boat on Apple's bumper 2019 performance, perhaps there's a bit more growth to be squeezed out of it yet.
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Stephen Warwick has written about Apple for five years at iMore and previously elsewhere. He covers all of iMore's latest breaking news regarding all of Apple's products and services, both hardware and software. Stephen has interviewed industry experts in a range of fields including finance, litigation, security, and more. He also specializes in curating and reviewing audio hardware and has experience beyond journalism in sound engineering, production, and design.
Before becoming a writer Stephen studied Ancient History at University and also worked at Apple for more than two years. Stephen is also a host on the iMore show, a weekly podcast recorded live that discusses the latest in breaking Apple news, as well as featuring fun trivia about all things Apple. Follow him on Twitter @stephenwarwick9