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Machine learning algorithm sets Apple stock price for May 2023

Machine learning algorithm sets Apple stock price for May 2023

Legendary investor Peter Lynch expressed regret for missing out on the opportunity to invest in Apple  (NASDAQ: AAPL) years ago, while Warren Buffett, who has historically been skeptical of technology companies, recognized the potential of the iPhone maker and purchased its stock. 

Lynch, a renowned stock picker, admitted, “How dumb was I?” in an interview with CNBC on April 26, and acknowledged Buffett’s wise move, stating that Apple’s business model was relatively easy to comprehend “was not that hard to understand.”

Despite Lynch’s admission of regret, investors still remain interested in Apple’s stock. PandaForecast’s advanced neural networks price prediction model that analyzes historical data gave the estimated weighted average target price for Apple shares to reach $179.05 in May 2023, based on data obtained on April 26.

The forecast suggests that momentum trading for Apple shares will likely show predominantly bullish behavior, with an expected monthly volatility of 8.5%. The optimistic target level for momentum trading is set at $182.99, while the pessimistic target level is estimated to be $167.41. 

AAPL May price target chart. Source: PandaForecast

While Lynch may have missed out on the opportunity to invest in Apple, many investors are still looking to potentially profit from the company’s strong business model and market performance.

AAPL chart analysis

AAPL is presently trading towards the upper end of its 52-week range, which coincides with the S&P500 Index’s trading position indicating that the stock’s market performance is relatively in line with the broader market. 

Over the past month, AAPL has demonstrated a fairly wide trading range of $155.98 – $168.16, with its current price hovering close to the upper end of the range. Given the recent consolidation of prices, it may offer a favorable entry opportunity for investors looking to buy into the stock.

The weekly time frame for Apple reveals a horizontal line support level at $154.30, while a resistance zone ranging from $163.99 to $166.17 has also emerged. This resistance zone is formed by a combination of various trend lines and essential moving averages in multiple time frames. As a result, AAPL’s price action may encounter some challenges breaking through this zone, with potential barriers ahead in the form of these resistance levels. 

AAPL 1-month price chart. Source: Finbold

Wall Street’s verdict

Analysts on Wall Street have given Apple a consensus ‘buy’ rating from 41 analysts. Notably, 26 have suggested a ‘strong buy’ and 6 a ‘buy.’ 7 analysts were with ‘hold’ while ‘strong sell’ were 2.

AAPL 1-month price chart. Source: Finbold

Based on analyst stock evaluations for AAPL over the last three months, the average price forecast for the next year is $171.82; the target indicates a 4.91% upside from its current price. The highest price target over the next year is $205.

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