Apple’s stock price rallied nearly 7% on Friday in its biggest one-day percentage jump in a year and a half after the Mac maker reported blockbuster results.
The world’s largest company by market value raked in sales of nearly $124 billion and profit of $34 billion, showcasing its ability to navigate a global supply crunch during the crucial holiday quarter.
“Apple is known for its supply-chain prowess and many wonder about the actions Apple has taken and will take to better position itself for this calendar year,” Third Bridge analyst Scott Kessler said.
At least 11 brokerages raised their price targets for the stock, bringing the median price target to $188.5, according to Refinitiv data. The stock ended Friday at $170.33.
Following its quarterly report, Apple on Friday was the top contributor to a rally in the S&P 500 and Nasdaq.
Apple’s stock remains down 4% so far in 2022.
MacDailyNews Take: One thing’s for sure: Apple loves notching things. Huge one-day gains are always a welcome Apple notch!
Dearly beloved interns, please commence with your most sacred duty: Tap That Keg™!
Prost, everyone! 🍻🍻🍻
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