Apple stock tops a list of five stocks chosen by top Wall Street pros, according to TipRanks, a platform that ranks analysts based on their performance history.
Monness Crespi Hardt analyst Brian White said that [Apple’s new] product introductions enhanced “a portfolio that has never been stronger and a platform more ubiquitous.”
White was cautious that the treacherous macro environment may make consumers hesitate to indulge in a new smartphone purchase. However, he was encouraged by the fact that the company did not hike the prices of the iPhone 14 smartphones.
White notes that Apple’s current price-to-earnings is above its average over recent years. However, looking at the long-term business model, the analyst was upbeat that Apple’s strong services business has created a solid foundation of consumer confidence.
The analyst, who is at the 470th position among nearly 8,000 analysts tracked on TipRanks, assigned a buy rating on AAPL stock, with a price target of $174.
MacDailyNews Take: The other four stocks are discussed in the full article here.
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A reco on a “risk-on” tech stock, AAPL or not, in these times of The Fed f’g around is bizarre. Way too much uncertainty in the WW market to see this as anything but a reach. Wait and buy low(er).