“Apple seems to be bucking the bears,” Lizzy Gurdus reports for CNBC. “The stock has been trading well above Wall Street’s average price target of $197.70, settling at $207 on Tuesday after gaining more than 1%.”
“Still, Wall Street analysts are the most bearish they have been on the stock in years, with 16 buy ratings, 14 hold ratings and 3 sell ratings, according to FactSet,” Gurdus reports.
“Mark Tepper, president and CEO of Strategic Wealth Partners, says this might be about to change,” Gurdus reports. “‘Quite frankly, the Street has been offsides on this stock. This stock is typically a consensus buy, but sentiment on the Street hasn’t been this bearish in years,’ he said Tuesday on CNBC’s ‘Trading Nation.’ ‘As soon as the analysts come around and they rerate this thing, you’re going to see sentiment flip and the stock’s going to pop.'”
Read more in the full article here.
MacDailyNews Take: From Mark Tepper’s lips to Mr. Market’s ears!
MacDailyNews Note: Please bear with us today as backend work impacts our ability to post. We hope to have the issues rectified ASAP! Thank you for your patience.