On September 7, Apple (AAPL) is hosting a launch event at which it is widely expected they will announce the next generation of iPhones, a September tradition they have followed for the last decade.

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In a year which has thus far been marked by uncertainty in the financial markets, Apple has reported earnings which have beaten expectations for two consecutive quarters, despite ongoing supply chain issues.

These positive results have no doubt contributed to the tech giant outperforming the wider S&P 500 so far this year. But what does the rest of the year and beyond look like for Apple?

Why Buy Apple Stock?

Last week, we wrote about a breed of technology stocks which have achieved such success that they have developed defensive qualities, qualities which could enable them to escape an economic downturn relatively unscathed. In that piece we spoke about Google, but a company which shares many of the same robust characteristics is Apple.

Apple is the most valuable company in the world, commanding a loyal following of consumers who eagerly snap up the company’s latest gadgets. Their iPhone and iPad products, which debuted over 15 and 12 years ago respectively, completely revolutionized their respective markets and still retain a significant competitive edge over their rivals to this day.

The long and short of it is that people love Apple products, and the difficulties which the global economy currently faces is unlikely to change this fact. This has been evident in both of Apple’s quarterly earnings this year, with both sets of results beating analyst expectations.

Next week, Apple are expected to unveil the latest generation of iPhone and it would not be surprising to see this spur a growth in sales in the final months of the year. In fact, since 2009, the final quarter of the year has been Apple’s strongest in terms of revenue, as consumers scramble to buy Apple gadgets for the holiday season.

This upcoming iPhone announcement coupled with a likely surge in sales over the holidays could see Apple’s share price respond positively in the coming months. However, traders must also consider the headwinds currently facing the global economy and bear in mind that the stock market is likely to remain volatile in the near future.

Apple Stock Forecast - What Do the Analysts Say? 

According to analysts polled by TipRanks for an Apple stock forecast in the past 3 months, there are currently 22 buy, 4 holds and 1 sell ratings on the stock. The highest price level for an Apple stock forecast is $220 with the lowest price target at $136. 

The average price target for an Apple price forecast is $183.12 which represents more than 13% upside from current levels, at the time of writing.   

Source: TipRanks - August 30, 2022 

It’s wise to remember that the share price is unlikely to go up in a straight line and it may even go down before it rises, if it rises at all. This is especially true currently, given the recent volatility in the global stock markets.

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