This could be a short-term pain, however, as stock market analysts across Wall Street have a target price above $200 for the next 12 months.
The average analyst target price sees a 16% gain
Analyst consensus at TipRanks is a ‘moderate buy’ with an average target price of $208 for the next 12 months. That’s 16% above the current price of $178 per share.
TipRanks analyst price target. Source: Interactive Brokers Fundamentals Explorer
The Q2 earnings report was the reason why some analysts were skeptical. D.A. Davidson analysts lowered their target price on Apple stock to $180 from $185, while keeping the neutral rating.
KeyBanc’s Brandon Nispel wrote:
“We fear the U.S. upgrade cycle is coming to a halt, upgrade rates are at record lows, and likely to result in weak Americas revenue.”
Despite that, Nispel kept an overweight rating on the Apple stock with a target price of $200.
Most other analysts have reiterated their ‘buy’ or ‘overweight’ ratings this month, with target prices ranging from $167 to $235.
Refinitiv analyst ratings. Source: Interactive Brokers Fundamentals Explorer
AAPL stock technical analysis
After getting close to $200, which is a major resistance point, the stock price dropped out of the ascending channel.
AAPL now trades near the 100-day simple moving average and near the $175 price level, which is the support for now.
The price could attempt to move back to $200 if the $175 level holds. Otherwise, $155 is the next level to watch.
AAPL stock price daily price chart. Source: StockCharts.com
Apple has returned 42% to investors year to date, outperforming the S&P 500’s 17% return.
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