Apple's stock has recovered from early week losses incurred after the company's earnings results fell slightly below Wall Street expectations.
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Apple shares are currently trading for roughly $148, slightly above Tuesday's closing price of $147.51, set just before the company's earnings report. The stock had dropped to as low as $144.27 on Wednesday, but Apple has bounced back since alongside an overall rise in the S&P 500 index today.
Wall Street remains bullish on Apple heading into the second half of the year, as most analysts think the so-called "iPhone 8" with an OLED display and wireless charging will be a hit among customers. There's also a larger than usual "supercycle" of customers with older iPhone models due to upgrade.
MacRumors obtained research notes from 19 analysts tracking Apple, and 15 of them continue to rate the company's stock as a "buy" or equivalent following the company's second quarter earnings results. All but three analysts believe that Apple's stock price could rise to between $150 and $185.
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Apple's stock has been steadily climbing in value since dropping to a 52-week low of $89.47 in 2016, when the iPhone maker reported its first decline in annual revenue since 2001, and its first drop in iPhone sales ever.
AAPL touched $148.20 in intraday trading this morning, a new all-time high. The stock is on pace to top Tuesday's record close of $147.51.
Top Rated Comments
(View all)Investors have rose-tinted glasses, as they see new catalysts of material growth in Services and wearables, and the iPhone 8 supercycle approaching.
Not to mention Warren Buffett speaking of Apple like a teenager in love, a very uncommon sight.
don't, you should be selling high, not buying
If only it were that easy.Would love to see it at $185!
Probably because they want some people to panic so they can buy it cheaper themselves.Not sure why some have a sell recommendation with a good PE ratio as Apple does?
12/31/2017 results are going to be critical. 12/31 quarterly sales increased by about 10 million per year from 2007 to 2014 and pretty much plateaued after that at about 75 million phones sold. Apple is going to need substantial growth to maintain its valuation.
Have an idea praying has nothing to do with it.With Tim Cook publicly blaming the hype surrounding the iPhone 8 in delaying customers' purchases then he had better be confident those delayed sales will translate into higher than normal sales at the end of this year. Tim Cook should be praying sales exceed 90 million with a heavy bias toward the iPhone 8.
One might attribute the drop after Tuesday's close purely on program selling - investors who had determined to "sell on news" regardless of what the results might be.