Investment bank Wedbush is reporting this morning that despite chip deficits and supply chain hurdles, Apple is on pace to sell 10 million iPhones this Black Friday weekend. Nevertheless, Apple stock finished down $5.13 (-3.17%) at $156.81.
As The Fly reports this morning, Wedbush analyst Daniel Ives is “seeing shortages in many Apple stores” — which sounds like bad news, but is actually more evidence that Apple’s iPhones are selling like proverbial hotcakes. In fact, according to the analyst, “10 million iPhones” could be just the beginning of the good news; through Christmas, Ives thinks Apple could move as many as 40 million units. Suffice it to say that Wedbush thinks this is bullish news for Apple stock, and will help the stock reach the bank’s $185 price target.
Sadly, though, it seems investors are sufficiently shook up by today’s news about a new coronavirus variant that’s popped up in South Africa that they’re selling stocks no matter what good news they have to report (which is why the S&P 500 is down 2.2% already).
Once the panic passes, though, investors may realize that today was a great day to invest in Apple stock.
MacDailyNews Take: Discount AAPL sale! Never pass up an opportunity to profit from irrational panic.
Please help support MacDailyNews. Click or tap here to support our independent tech blog. Thank you!