Furthermore, Morgan Stanley (NYSE: MS) named Apple their top pick on October 17, despite the investment firm recognizing rising challenges to consumer and enterprise spending. The analyst at Morgan Stanley mentioned several issues hitting the hardware business with sky-high inflation making predictions even more cumbersome.
AAPL chart and analysis
When comparing the yearly performance of all stocks, AAPL is one of the better-performing stocks in the market, outperforming 72% of all stocks. Shares are trading at the lower part of their 52-week range, below all moving averages, with the price action showing a bear flag pattern, possibly indicating more downside to come. Technical analysis shows a support zone from $139.43 to $139.53 and a resistance zone from $145.44 to $148.66, Analysts rate the stock a ‘strong buy,’ with the average price in the next 12 months expected to reach $181.93, 27.75% higher than the current trading price of $142.41. Notably, out of 28 Wall Street analysts, 23 have a ‘buy’ rating, 4 have a ‘hold’ rating, and one has a ‘sell’ rating.
Earnings growth
Moreover, Apple is one of the firms estimated to earn at least $1 billion per day in sales in 2023. The earnings report for Apple is expected to be released on October 27; any weakness in sales or a pullback on full-year expectations could see the shares continue the downward momentum. A positive surprise may not swing the stock up by too much, as markets seem to be awaiting another rate hike by the Federal Reserve (Fed) and possibly new inflation readings. Buy stocks now with Interactive Brokers – the most advanced investment platform Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.
