Apple Eyes Best Session Since Late 2022, Breaks Above 200-Day Average For First Time In 4 Months
Portfolio Pulse from Piero Cingari
Apple Inc. (AAPL) shares surged over 7%, marking its best session since November 2022 and breaking above its 200-day moving average for the first time in four months. The rally followed a quarterly report that exceeded expectations with sales of $90.75 billion and EPS of $1.53, alongside the announcement of a record $110 billion share buyback program and a $0.25 per share dividend. Analysts have adjusted their price targets, with JP Morgan Chase & Co. raising it to $225, Barclays to $164, and Rosenblatt to $196.
May 03, 2024 | 7:27 pm
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POSITIVE IMPACT
Apple's stock rally is driven by a strong quarterly report, a record share buyback program, and positive analyst ratings adjustments.
The combination of exceeding quarterly expectations, announcing a significant share buyback program, and receiving favorable analyst ratings adjustments, particularly the price target increase by JP Morgan Chase & Co., Barclays, and Rosenblatt, strongly suggests a positive short-term impact on Apple's stock price. The technical analysis further supports this bullish outlook, indicating a potential trend reversal and retest of all-time highs.
CONFIDENCE 95
IMPORTANCE 100
RELEVANCE 100