Rosenblatt Securities raises Apple price target to $260: Is it within reach?

Core Viewpoint - Apple Inc. shares rose 2% following a price target upgrade from Rosenblatt Securities, reflecting increased investor confidence driven by advancements in artificial intelligence (AI) [1] Group 1: Analyst Upgrades and Market Sentiment - Rosenblatt Securities raised its price target for Apple from $198 to $260 and upgraded its rating from 'Neutral' to 'Buy', citing Apple's focus on privacy-centric AI initiatives [1] - Wedbush Securities maintains an Outperform rating with a price target of $275, highlighting the transformative impact of Apple Intelligence on the iOS ecosystem [3] - Analysts from Melius Research raised their price target to $260 from $227, emphasizing Apple's potential to monetize AI through hardware and services [3] - J.P. Morgan increased its price target to $245 from $225, anticipating growth in iPhone sales driven by AI features [3] Group 2: Financial Performance - Apple reported a slight year-over-year revenue decline of 4%, attributed to challenging macroeconomic conditions and tough iPhone sales comparisons [4] - Despite the revenue decline, growth in high-margin services and strategic cost management supported stable net income and earnings per share growth [4] - Apple's balance sheet remains strong, with $162.4 billion in cash against $104.6 billion in debt, positioning it well for future investments [4] Group 3: Market Dynamics and Technical Analysis - The stock has shown a strong rebound, climbing from around $165 to over $190, indicating bullish sentiment [5] - A weekly close above $200 has been achieved, displaying strong bullish momentum, although caution is advised for new positions [5][7] - Current technical indicators are in the overbought zone, suggesting a potential need for a retracement or consolidation period [7]