Citi hiked its price target on Apple (AAPL) to a street-high $240
As Apple Inc (NYSE:AAPL) once again approaches the $3 trillion market cap, Citi hiked its price target on the big tech giant to a Street-high $240. At last check, AAPL is up 1.5% to trade at a new all-time high $192.43, so that bull note implies a roughly 25% upside.
Options traders are ramping up their activity already this morning. Total options volume is already running at triple the intraday average amount, with 225,000 calls and 142,000 puts traded so far. Most popular by far is the weekly 6/30 192.50-strike call, which expires at the end of today's session.
The first half of the year is coming to a close, and Apple stock boasts a 47.5% lead so far in 2023, with 16.3% added this quarter thanks to upward guidance from its 20-day moving average. The equity is on track to lock in its seventh consecutive weekly win, as well as its sixth-straight monthly pop.
While analysts of course are all-in, more price-target hikes could roll in for AAPL. The stock's 12-month consensus price target of $188.47 is a 1.9% discount to its current trading level.