Apple stock just notched its longest winning streak in months, and has seen its best five-day performance in at least a year. And there’s reason to believe more gains are on tap.
Apple has climbed 9.5% in the last five sessions, the longest consecutive period of gains since November 2021, when it rose for nine days in a row. The near-double-digit performance across just five days represents the most gains in a period this short in at least a year.
Apple has been outperforming the wider market, with the S&P 500 index and Nasdaq Composite rising 6.5% and 9.1%, respectively, over the same period… But recent gains don’t completely make up for what has otherwise been a painful year. Stocks remain deep in the red in 2022 — Apple has lost more than 9% since the ball dropped on New Year’s Eve — amid intense volatility in markets.
Yet analysts are bullish that more gains are in store for Apple, which is overwhelmingly rated at Overweight among brokers surveyed by FactSet, with a target price on the stock implying returns of 15% from Monday’s closing level.
MacDailyNews Take: Apple longs never tire of winning.
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