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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One “analyst” has Apple price target at 110. With the newest TTM EPS of 6.01. That would be a P/E of 18. This would be Apple early half of 2019 when iPhone was in the 60% revenue, the App Store was just under 15%, wearables was under 10%, buybacks were smaller. To put a fine top on it, the entire S&P500 P/E has been going up over the last handful of years.
“Analyst” is not a term that should be anything to anyone who invests other than how much their statements can effect stock on any given day.
But…but… but…
What about “Timmy’s pipeline”?
I notice all the Tim Cook haters are pretty quiet today.
Face it, the guy’s no Steve Jobs — but then again, who is? But Cook has led Apple to the kind of world-wide dominance Steve & Steve could only dream about way back in that garage. Gotta give him SOME credit (although his pay package is still disgustingly outsized).
Steve Jobs laid certain foundations for the company that continue to today (vertical integration, focus on only certain products). But Tim Cook took it and ran with it in directions Steve Jobs didn’t want to and probably couldn’t. Apple was very fortunate to have Tim Cook follow Steve Jobs. Well I should say Apple was very fortunate that Steve Jobs had a knack for sometimes seeing the future tech clear as a bell — including who could take his company over and run with it (Steve handpicked Tim I believe).
Jobs ability to sometimes see the future of tech was rare.