Apple Stock Is Worth Buying Ahead of Apple 2024 Event

Apple (AAPL) will hold its annual September product event this Monday, scheduled to begin at 1 a.m. ET. The “Glowtime” event is expected to bring several major announcements from the tech giant, including the highly anticipated reveal of the iPhone 16 series.

This year the event will take place on a website dedicated to technological information Tom’s Guide is waiting for a long list of announcements. In addition to news about the iPhone 16, it is also expecting the unveiling of the Apple Watch Series 10 and any updates to Apple Intelligence’s generative artificial intelligence (AI) initiatives.

Technology blog TechRadar has similar expectations. Among the things he’s looking for are design changes, smart software tools, and features for new devices that are being announced.

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The Apple event can be watched live on the Apple YouTube channel, Apple.com and the Apple TV app.

Wall Street Says Apple Is Worth Buying Ahead of Event

Apple had a much-publicized rough start to 2024, but the stock bottomed out in mid-April and is now up 18% year-to-date on a total return (price change plus dividends) basis. This positive price action is simply more of the same for AAPL, which boasts an impressive 20-year return.

It’s no wonder that Wall Street is overwhelmingly bullish on Dow Jones stocks. Of the 46 Apple analysts tracked S&P Global Market Information25 say it is a Strong Buy, seven have Buy, 12 call it a Hold and two rate it Sell. That gives it a consensus recommendation of Buy and with high conviction.

Additionally, the average analyst price target for AAPL shares is $237.63, implying an implied upside potential of over 7% from current levels.

Speaking on behalf of the bulls is financial services firm Wedbush, which gave the blue-chip stock a Buy rating and a $285 price target.

Wedbush analyst Daniel Ives believes Apple’s September event “will kick off the biggest update cycle in Cupertino’s history, and AI is just around the corner.” Ives adds that recent checks across the supply chain in Asia indicate that “this iPhone update cycle could be historic, setting the stage for a supercycle.”

He estimates that about 300 million iPhones worldwide are overdue for an upgrade. “We believe Apple could sell more than 240 million iPhones in fiscal 2025 as this AI-driven upgrade cycle becomes more mainstream.”