“Traders with an eye on Apple may wonder when one of the biggest companies in the world may become over-bought,” Rebecca Ungarino reports for CNBC.
“Tech behemoth Apple just hit highs not seen since April. This comes as Warren Buffett’s Berkshire Hathaway upped its stake in Apple by 55 percent as of June 30,” Ungarino reports. “And one trader says some upside, perhaps over 14 percent, could be in store.”
“”‘Below 100 bucks, you buy this stock, and I think you can trade it up, and you can trade it in a range of $100 to $125,’ said David Seaburg, head of equity sales trading at Cowen & Co. ‘I really believe it’s a buy,'” Ungarino reports. “The high end of that range would be about 14.3 percent higher than Tuesday’s closing price of $109.38.”
Read more in the full article here.
MacDailyNews Take:
Don’t trade AAPL, own it. – Jim Cramer
SEE ALSO:
Here’s why Warren Buffett added to his Apple position, stock going to $150 – August 17, 2016