Bank of America (BofA) is bullish on Apple, naming it a top stock pick for 2024 ahead of Cupertino’s Q224 earnings report on May 2nd.
Ryan Vlastelica for Bloomberg News:
The company has a “rich catalyst path with defensive cash flows,” wrote analyst Wamsi Mohan, who has a buy rating and $225 price target on the stock.
Apple’s second-quarter results are scheduled for release next week, and BofA is largely positive on the prospects, with “services revenue growth and margins to remain strong.” However, it cautioned that “the demand environment is weak and a lower guide for F2Q could influence a pullback in shares.”
Apple’s shares rose 0.2% on Monday. The stock is coming off its lowest close in about a year, as well as a five-day drop of 6.5% that erased nearly $180 billion from its market capitalization. The stock is down 14% this year, making it one of the weakest performers among megacap technology companies.
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MacDailyNews Take: After its pullback, Apple’s lower valuation, with a current PE Ratio of 25.74, attracts value hunters as well as those seeking safe harbors.
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[Thanks to MacDailyNews Reader “Fred Mertz” for the heads up.]
Wall Street makes money only when the stock gets bought or sold. Now that the street has pushed the price down and dumped AAPL, with help from the DOJ and EU, it is time to pump it again. Apple is a great company but AAPL has always been subject to manipulation.