Apple Stock Price Prediction 2023 Hit a New High Today. Here Is Why This Stock Is Still Risky.

Apple stock price prediction 2023  (AAPL) reached a new high on Tuesday but is not immune to concerns that might precipitate a selloff.

Apple shares finished 1.5% higher on Tuesday afternoon at $188.06 a share. According to Dow Jones Market Data, this is the company’s seventh new record for 2023.

Apple stock has been on a roll this year, rising 45%. Tech companies, in general, have had a strong six months, with investor interest in artificial intelligence helping the Nasdaq Composite to rise 30% by 2023.

However, AI isn’t the only element assisting Apple. Investors are optimistic about what Apple’s recently unveiled 15-inch Macbook Air laptop and the Vision Pro headset can accomplish for sales in the future after the firm posted solid results in May. Investors also anticipate the release of Apple’s iPhone 15, due in September 2023.

However, according to Apple stock price prediction 2023, Apple, whose shares are presently trading at 28.8 times projected profits, might still be heavily damaged by a US recession.

54% of Apple’s sales in the second quarter came from the iPhone, which brought in $51.3 billion. Regarding the company’s bottom line, consumers impacted by the recession could be less likely to buy Apple products or pay for services like the App Store or Apple Music.

On June 12, UBS analyst David Vogt downgraded Apple from Buy to Neutral with a $190 price target, citing a probable slowdown in iPhone sales and services revenue.

He predicted that challenging comparisons, macro challenges, and decreasing growth in the iPhone installed base would result in a significant slowdown of Services revenue growth in FY23 and FY24.

Vogt is not the only analyst who is concerned about the risks.

Analyst Brian White of Monness Crespi Hardt, who rates the company as a Buy with a $188 price target, stated earlier this month in a research note that Apple has continued to grow its product lineup and work on a pipeline of new ideas. Nonetheless, he and his team feel the near-term financial situation and geopolitical panorama will provide obstacles.