Evercore Bullish on Apple (AAPL) as Channel Checks Signal Upside

Apple Inc. (NASDAQ:AAPL) is one of the AI Stocks in Focus on Wall Street. On January 27, Evercore ISI reiterated the stock as “Outperform.” The firm noted that it’s bullish ahead of earnings later this week.

According to the firm, recent channel checks point to potential upside in the near-term compared to current Street estimates. This is supported by robust iPhone demand. Moreover, memory component costs, which have been a concern across the industry, are anticipated to pose as a minimal headwind for the stock.

“We remain positive on shares of AAPL heading into the Dec-qtr earnings this Thursday, as our checks suggest that there’s near-term upside to street estimates, driven by strong iPhone demand and a minimal memory cost headwind (through the Mar-qtr).”

Analysts on Wall Street have a consensus “Buy” rating on the stock. The average price target of $300 implies a 16.16% upside; however, the Street-high target of $350 implies an upside of 35.52%.

Apple is a technology company known for its consumer electronics, software, and services.

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