Apple stock looks like a great buy on recent weakness, says Crossmark Global Investments chief markets strategist Victoria Fernandez.
Brian Sozzi for Yahoo Finance:
“We actually bought Apple over the last couple of weeks. I mean the name has come down tremendously. So I think you can go in and buy that name. They have such a strong balance sheet and they have a tremendous cash position,” said Fernandez.
Shares of the tech giant are off by 13% year-to-date. The stock is down about 15% from its 52-week high.
This week, the stock took a fresh hit on new COVID-19 lockdown concerns coming out of China.
One of Apple’s largest suppliers Foxconn has temporarily halted operations as the Chinese government looks to contain a new COVID-19 outbreak. It’s unclear when operations will restart.
Wedbush tech analyst Dan Ives told Yahoo Finance Live the shutdown is of “concern,” and could crimp Apple’s production by 1% to 2% this quarter.
Despite the angst, Apple bulls on Wall Street remain out in full force.
MacDailyNews Take: When the opportunities to own Apple stock at a discount present themselves, take them.
The average price target for Apple stock of 44 analysts is currently $193.53.
At the end of April, Apple will report record March quarter earnings along with updates to the company’s dividend payout and share repurchase program.
We expect to achieve solid year-over-year revenue growth and set a March quarter revenue record despite significant supply constraints, which we estimate to be less than what we experienced during the December quarter. – Apple CFO Luca Maestri, January 27, 2022
Please help support MacDailyNews. Click or tap here to support our independent tech blog. Thank you!
Every pullback of 3% or greater should be bought in 100 to 200 share blocks depending on your personal situation.
Simply works over time.
If you are Day/Swing/Momo trading maybe this is not for you unless you believe you have the timing of the snap back rally.
However; if you are a buy and hold investor for early retirement Apple has become virtually bulletproof….
Buy the Dips, hold the Rips, rinse, repeat…..
Well said Bill – I’ve been buying the dips for 15 years, or almost 1100% ago.
Yup and the low target was right around 150, spot on MDN.