According to Katie Stockton of Fairlead Strategies, shares of Apple still have 10% upside potential after breaking out to record highs.
Matthew Fox for Business Insider:
In a note on Wednesday, Stockton identified a measured-move price target of $168 for Apple, representing potential upside of 10% from Tuesday’s close.
After decisively clearing the key $150 resistance level, Stockton sees support for Apple at that level going forward, according to the note. That level will likely serve as a better support level than the 50-day moving average, which currently sits near $145, Stockton said.
The strong move in shares of Apple has led Stockton to have an overweight bias towards the technology sector, “noting also that there is a bullish reversal in the S&P 600 Information Technology Index versus the S&P 500,” the note said.
MacDailyNews Note: Apple stock was up as much as 2% on Wednesday, hitting a record new all-time intraday high of $154.98. For the day, AAPL closed up $0.68 (+0.45%) at $152.51.
