Apple investors appear to have had concerns about slowing growth and possible antitrust actions assuaged as Apple stock is approaching a buy point after rebounding from a spring sell-off.
Patrick Seitz for Investor’s Business Daily:
In morning trading on the stock market today, Apple stock rose 0.2%, near 136.65. Earlier in the session, it climbed as high as 137.02.
Apple stock is nearing a buy point of 137.17 out of a cup base, according to IBD MarketSmith charts. However, trading volume has been well below average.
Morgan Stanley analyst Katy Huberty says Apple stock faces several headwinds… “We recognize these risks but have a more positive outlook,” Huberty said. “In the near-term, we believe the June quarter will be stronger than originally expected as iPhone and iPad builds are tracking ahead of our model.”
Huberty rates Apple stock as overweight, or buy, with a price target of $162.
MacDailyNews Take: From Huberty’s lips to Mr. Market’s ears!