Wall Street analysts rate Apple stock as a ‘strong buy’ predicting double-digit 12-month return

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Large-cap tech stocks showed broader weakness in early 2022, which was partly expected after a bumper year during the Covid lockdown period of 2020 and 2021.

On Thursday, March 24, shares of Apple Inc (NASDAQ: AAPL) gained against the trend of other major tech stocks. This AAPL hike comes after Wedbush analyst Dan Ives met its price target for the stock at $200.

“The street focused on the ongoing chip shortage for Apple (and every other tech and automotive player), but the underlying iPhone 13 demand story for Cupertino, both domestically than in China, is way ahead of street expectations in our view,” said Wedbush technical analyst Dan Ives.

Increased sales and new business models

Although Apple stock is down 2% since the start of 2022, the stock has been gaining ground for 8 days. Apple News working on a hardware subscription model got investors thinking about the potential revenue it could bring.

With news of high demand, the introduction of new business models, and strong bond sales, Apple looks set to have a good quarter. The charts show the stock breaking above its 200-day simple moving average, showing nice momentum, with resistance held at this year’s high at $182.94.

Source: Finvite

Wall Street analysts have an average target price on the stock of $193.36 seeing a increase of 11.08%. The highest price stands at $215 and the lowest at $161. With the general consensus at a’strong buy‘ this stock is worth watching.

Source: TipRanks

Analysts like to say to own and not trade Apple stock and so far they were right. With a strong performance during the Covid pandemic and recent positive news regarding demand for their products, it seems wise to keep Apple stocks on your watchlists, watch the charts and decide on a reasonable entry position. .

Warning: The content of this site should not be considered investment advice. The investment is speculative. When you invest, your capital is at risk.

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