New all-time records for Apple and a market cap of over $3 trillion. For analysts, it is a buy with a stellar target price.
Apple capitalizes on over $3 trillion (3,000 billion dollars) and hits new all-time records at 193 dollars. With a performance of over 48%, the Wall Street giant now has a value of 29 times its earnings.
One of the factors that contributed to Apple’s shares’ positive performance in recent weeks was the presentation of Vision Pro, the company’s new headset for virtual and augmented reality. This prompted shareholders to believe in CEO Tim Cook’s new research and investment direction. In addition, according to the Boston Consulting Group’s 17th edition report on the "Most Innovative Companies", Apple is confirmed as the most innovative company among the 50 ranked, followed by Tesla and Amazon.
However, Apple shares have grown less than companies such as NVIDIA (+185%), Meta, and Tesla, which have seen more significant increases over the year.
"Apple is steadily gaining market share in smartphone sales, but facing a slowdown and inflationary pressures head-on." For this reason, Citi analysts believe that the stock still has a 30% growth potential compared to current levels. Analysts rate Apple as a "buy" with a target price of $240.
Apple Technical Analysis: Operating Strategies
Apple’s run seems unstoppable with prices hitting an all-time high at $193. The stock does not seem to feel the fatigue of a prolonged rise such as the one which has produced an appreciation of approximately 48% in the last six months. In spite of this, the fastest technical indicators breached the overbought area in the last few sessions. Any downturns that develop in the very short term in response to this condition would not be worrisome for the maintenance of the uptrend unless it drops below area 183 again, the previous record of January 2022, and the dynamic support offered by the trend line that rose from the beginning year. Any withdrawals in this area could instead represent an excellent buying opportunity on weakness. Over 193 expect an extension towards 215 at least.
Apple, Daily Chart. Source: TeleTrader
We summarize below the levels to monitor our strategy:
Trigger: Wait for $183 test
First target: $193
Second target: $215
Stop loss: $180
In the hypothesis of a "long" strategy on Apple, we intervene in the event of withdrawals in the 183 area with a stop loss located at 180 dollars and targets at 193 and 215 dollars.
Original article published on Money.it Italy 2023-07-03 08:15:00. Original title: Apple capitalizza oltre 3.000 miliardi di dollari. Ecco fin dove può salire il titolo
