Joining a growing group, three more Apple analysts turned up the positivity on the company’s prospects, which yesterday crossed the $1.5 trillion market capitalization mark for the first time ever despite the economic challenges presented COVID-19 pandemic.
Investor enthusiasm remains high over the pending launch of 5G iPhone, the growth of Apple’s services business, and the success of the company’s wearable products, including AirPods and Apple Watch.
Wells Fargo analyst Aaron Rakers added a new factor to the mix on Thursday, focusing on new data on handset sales in China. “While May smartphone registrations represented a decline from the strong rebound seen in April, we think the combined April plus May registration data supports the view that we are seeing a post-Covid recovery in smartphone demand trends,” he writes in a research note. Rakers today repeated his Overweight rating on Apple shares, while lifting his target price on the stock to $385 from $315…
BofA Global Research analyst Wamsi Mohan on Thursday likewise repeated his Buy rating, while upping his target to $390 from $340… While the bulls are getting more bullish, the bears are getting less bearish. HSBC’s Nicolas Cole-Colisson upped his rating on Apple shares to Hold from Reduce, setting a target of $295, up from $225, citing both the coming 5G iPhone launch and the growing services business.
MacDailyNews Take: Around and around we go! Where she stops, nobody knows!
Not today!!!
Analysts just love to tease investors. I happened to glance at the Dow and AAPL’s share price today just as the market was closing and slowly shook my head. Some of the day’s articles mentioned about a pandemic second-wave throwing the market into a tizzy. I could have sworn the other day there were claims about how the U.S. had left the pandemic behind and there was nothing but blue skies ahead for the stock market. I simply never know who to trust. Today’s negative market move was quite a surprise to me.
There are over 2100 COVID-19 patients hospitalized in Texas, more than at the height of the shutdown. Reported cases are up by 41%, although that is partially due to increased testing. A higher percentage of tests are positive than a week ago, which is indicative of community spread. When I go to the grocery store, I see only about a third of the customers wearing masks and socially distancing. The beaches and water parks are crowded. We are still a week or two from seeing the impact from the demonstrations. Some may think we have left the pandemic behind, but it has certainly not left America behind.
True.
You now, I truly don’t understand even a little bit as to why Trump has any support greater than 1%. To me it seems as if he wants to kill Americans.
The stock just went up over $40 in a month. It’s not surprising that the stock will pull back after breaking through the 1.5TT mark.
I’ve been a shareholder for over 15 years and whilst there has been some big downs the stock has always made up the deficit if you are patient.
I suspect next 6 months are going to be quite the unprecedented market roller coaster. If a strong second pandemic wave hits, many countries will be ill prepared to deal with its economic ramifications, including the US. Market is way over-bought on economic hopes and greed. Yet, those hopes and desires for maximum gains simply do not match the drop off of economic activity in sectors such as travel, vacation, leisure, and education.