Jim Suva, Citi senior tech analyst, joins CNBC’s ‘Squawk on the Street’ to explain why he is bullish on Apple in spite of the fact its share price has declined nearly 30 percent this year.
“Their earnings at the end of January will be the next catalyst,” Suva said. “We expect them to talk about… China improving its supply and the COVID supply chain issues starting to lessen.”
“That should set up for a better-than-normal March quarter,” Sava said. “As we look forward to 2023, we see an AR/VR headset coming out, we see them starting to develop more of a foldable phone… that will likely come out in 2024. These things will set up for a good 2023 for Apple stock.”
“At the Fed starts to level out interest rates,” Suva said, “we believe investors will come back to the tech sector overall.”
MacDailyNews Take: It will be very interesting to see how much of a hit Apple took during the quarter from lack of supply due to the CCP’s “Zero COVID” lockdowns and how the market reacts.
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No consideration of the possible–maybe likely–wave of new Chinese infections coming to a place near you? It irritatingly reminds me of happenings in early 2020.
We’ve rinsed and now were headed for a “repeat?”
I remember the good ole’ days when creating a pandemic and worldwide economic disaster would result in hangings. Miss them I do.
No one knows the future, but my gut says you’ll see a 30% return on whatever you’re willing to risk by investing in AAPL at these levels. 12-18 mos. max. And that’s a very fine return. There is no reason for AAPL to stay at these levels once Powell stops hammering the economy.