Apple Analysts Upbeat Ahead Of Tech Giant's Q3 Print: Why Earnings Could Be Positive Catalyst Driving Stock Higher
Portfolio Pulse from Shanthi Rexaline
Apple Inc. (AAPL) shares are experiencing a sell-off ahead of the company's Q3 earnings release, due to Fitch's downgrade of the US sovereign rating. Analysts from JPMorgan, Wedbush, and Morgan Stanley maintain positive ratings and expect the earnings report to drive the stock higher. JPMorgan analyst Samik Chatterjee issued a 2024 price target of $235, up from his 2023 price target of $190. Wedbush analyst Daniel Ives and Morgan Stanley analyst Erik Woodring both have a 12-month price target of $220.
August 04, 2023 | 12:01 pm
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Apple's stock is experiencing a sell-off due to Fitch's downgrade of the US sovereign rating. However, analysts from JPMorgan, Wedbush, and Morgan Stanley maintain positive ratings and expect the upcoming Q3 earnings report to drive the stock higher.
The sell-off of Apple's stock is a short-term reaction to Fitch's downgrade of the US sovereign rating. However, the positive ratings and expectations from analysts suggest that the upcoming Q3 earnings report could serve as a positive catalyst for the stock. This could potentially offset the negative impact of the sell-off and drive the stock price higher in the short term.
CONFIDENCE 85
IMPORTANCE 90
RELEVANCE 100