Apple's Stock Rally May Not Be Sustainable, Warns Jim Cramer: 'That's A Much Less Inspiring Kind Of Rally'
Portfolio Pulse from Benzinga Neuro
Jim Cramer expressed skepticism about the sustainability of Apple Inc.'s recent stock rally, which followed an upgrade by Bernstein's analyst Toni Sacconaghi from neutral to buy. Cramer advised investors to wait, especially with Apple's earnings report due soon, despite the stock's 2.48% increase on Monday. Sacconaghi's upgrade was based on the potential for a robust iPhone 16 cycle and a temporary downturn in China, but Cramer questioned the timing due to Sacconaghi's historical skepticism of Apple. Apple's stock has faced challenges, including a 12% decline in 2024 and slowing iPhone sales, particularly in China.
April 30, 2024 | 5:42 am
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Jim Cramer's skepticism about Apple's stock rally, despite a recent upgrade by analyst Toni Sacconaghi, could influence investor sentiment, especially with an earnings report due. The stock's recent 2.48% increase may face volatility amid concerns over its sustainability and challenges in China.
Cramer's skepticism, combined with the timing of Sacconaghi's upgrade and the upcoming earnings report, could lead to short-term volatility in Apple's stock. The stock's recent performance and challenges in China add to the uncertainty, potentially impacting investor sentiment negatively.
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