Apple, Inc. (NASDAQ:AAPL) shares are trading slightly lower Tuesday after the company unveiled its iPhone 16 models and wearable devices line-up at a launch event on Monday.

The Details:

Apple introduced the iPhone 16 series, which is "designed for Apple Intelligence from the ground up," according to CEO Tim Cook.

As expected, the base model iPhone 16 is priced at $799 and the iPhone 16 Pro is priced from $999, while the iPhone 16 Pro Max starts at $1,199 for the 256GB model. Apple also introduced its latest lineup of AirPods and its Apple Watch at the "It's Glowtime" event.

Wedbush analyst Dan Ives sees upside for Apple following the iPhone 16 launch, driven by consumer-excitement for AI features. He projects iPhone 16 shipments of nearly 90 million units, surpassing earlier Street expectations of 80 to 84 million, a double-digit year-over-year increase.

"The new era of personalization and how consumers interact with their iPhones has now begun; this will cause a renaissance of iPhone growth for Apple over the next 12 to 18 months and drive shares higher with a $4 trillion market cap in 2025. Raising price target to $300," Ives wrote in a post on X.

What Else:

Apple was dealt a blow by the Court of Justice of the European Union on Monday as it upheld the European Commission's 2016 decision that Ireland should recover up to $14.4 billion in back taxes from Apple.

"Ireland granted Apple unlawful aid which Ireland is required to recover," the EU court said.

Will AAPL Stock Go Up?

When trying to assess whether or not Apple will trade higher from current levels, it's a good idea to take a look at analyst forecasts.

Wall Street analysts have an average 12-month price target of $250.39 on Apple. The Street high target is currently at $300 and the Street low target is $186. Of all the analysts covering Apple, 40 have positive ratings, 7 have neutral ratings and 2 have negative ratings.

In the last month, 17 analysts have adjusted price targets. Here's a look at recent price target changes [Analyst Ratings]. Benzinga also tracks Wall Street's most accurate analysts. Check out how analysts covering Apple have performed in recent history.

Stocks don't move in a straight line. The average stock market return is approximately 10% per year. Apple is 19.0% up year-to-date. The average analyst price target suggests the stock could have further upside ahead.

For a broad overview of everything you need to know about Apple, visit here. If you want to go above and beyond, there's no better tool to help you do just that than Benzinga Pro. Start your free trial today.

AAPL Price Action: According to Benzinga Pro, Apple shares are down 0.89% at $218.95 at the time of publication Tuesday.

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Image: Courtesy of Apple, Inc.