Large-capitalization technology stocks have shown broader weakness to start of 2022, which was partially expected after a stellar year during the Covid lockdown period of 2020 and 2021.
On Thursday, 24th of March Apple inc (NASDAQ: AAPL) shares gained ground bucking the trend of other large technology stocks. This rise in AAPL comes after Wedbush analyst Dan Ives kept his price target for the stock at $200.
“The focus of the Street has been on the lingering chip shortage for Apple (and every other tech and automotive player), however the underlying iPhone 13 demand story for Cupertino both domestically and in China is trending well ahead of Street expectations in our opinion,” said Wedbush tech analyst Dan Ives.
Rising sales and new business models
Though Apple stock is down 2% since the start of 2022 the stock has been gaining ground for the past 8 days. News of Apple working on a hardware subscription model got investors thinking of the potential revenues that this could bring in.
With news of demand being high, the introduction of new business models, and high sales of Bonds, Apple seems to be poised to have a good quarter. The charts show that the stock passed its 200-day Simple Moving Average showing a nice momentum with the resistance being held at this year’s highs of $182.94.
Wall Street analysts have an average target price on the stock of $193.36 seeing an upside of 11.08%. The highest price stands at $215 and the lowest at $161. With the general consensus at a ‘Strong Buy’ this stock is worth watching.
Analysts like to say to own and not trade Apple stock and so far they have been right. With a strong performance during the Covid pandemic and recent positive news coming out revolving around the demand for their products it seems wise to keep Apple stock on your watchlists, track the charts, and decide on a sensible entry position.
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