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Apple (AAPL) Stock Aims at New ATH Ahead of Quarterly Earnings Report

Summary:
Ahead of the June earnings report by Apple, Wall Street analysts have deconstructed the market and provided their sentiments. Apple Inc (NASDAQ: AAPL) stock has edged closer to a new all-time high after retesting its previous ATH of around 0. The upward momentum has been driven by strong previous quarterly growth, despite the coronavirus supply chain disruptions. Apple is said to report its quarterly earnings results on Tuesday, where Wall Street analysts expect the shares to do better in the foreseeable future.Notably, Apple stock traded around 8.80 during today’s premarket, down 0.13%. On a long-term basis, Apple stock has gained significantly during the pandemic to a comfortable + trillion valuation. According to market analytics provided by MarketWatch, Apple stock has added

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Ahead of the June earnings report by Apple, Wall Street analysts have deconstructed the market and provided their sentiments. 

Apple Inc (NASDAQ: AAPL) stock has edged closer to a new all-time high after retesting its previous ATH of around $150. The upward momentum has been driven by strong previous quarterly growth, despite the coronavirus supply chain disruptions. Apple is said to report its quarterly earnings results on Tuesday, where Wall Street analysts expect the shares to do better in the foreseeable future.

Notably, Apple stock traded around $148.80 during today’s premarket, down 0.13%. On a long-term basis, Apple stock has gained significantly during the pandemic to a comfortable $2+ trillion valuation. According to market analytics provided by MarketWatch, Apple stock has added approximately 59.77%, 12.28%, 10.86%, and 9.29% in the past year, seven months, three months, and one month respectively through Monday.

On a positive note, Wall Street analysts expect Apple shares to continue pumping through the remaining quarters of the current fiscal year. According to a survey conducted by MarketWatch, AAPL stocks received an average rating of Over from 44 ratings. An indication the company has notable fundamentals calling for higher gains in the foreseeable future.

Analysts Thoughts on Apple (AAPL) Stock

Ahead of the June earnings report by Apple, Wall Street analysts have deconstructed the market and given their sentiments.

“We believe consensus estimates will prove conservative for Q3 results and Q4 guidance,” Canaccord Genuity analyst Michael Walkley said in a note to clients. “With the 5G upgrade cycle likely to benefit through at least calendar 2022, other hardware categories growing double-digits, and continued mix shift toward high-margin services, we believe the share price remains compelling for longer-term investors.”

On average, analysts expect the company to report revenue of $72.9 billion coupled with profits of $1 per share during the prior quarter.

With Apple expected to launch new devices as the year comes to an end, analysts forecast a notable rise in the Apple stock market. Baird analyst William Power reiterated his forecast with Outperform rating and a price target of $160.

In a note to investors, Power noted that “Apple stock typically performs well in the two months leading up to the next iPhone launch.”

He added, “With close to 1 billion iPhones in use globally, the 5G upgrade opportunity remains significant, with current US carrier promotions an added tailwind. Coupled with ongoing strength in wearables and services, along with iPad and Mac, we remain positive near and long term.”

The global smartphone shipment was significantly affected by the coronavirus crisis. This significantly reduced the number of iPhones shipped and sold globally. Coupled with the ever-increasing competition from other affordable and latest technology offering devices, Apple continues to relook into its products to fit in and have a better vantage point.

Business News, Indices, Market News, News, Wall Street
Steve Muchoki

A financial analyst who sees positive income in both directions of the market (bulls & bears). Bitcoin is my crypto safe haven, free from government conspiracies. Mythology is my mystery! "You cannot enslave a mind that knows itself. That values itself. That understands itself."

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