Even the powerful Apple (Apple stock) hasn’t been able to pull itself out of the stock market’s downward spiral that’s been occurring over the past few months.
In 2018, Apple stock ( NASDAQ:AAPL ) is down almost 22%, worse than the 19.5% fall seen in the Dow Jones Industrial Average.
The pressure on Apple’s stock is a reflection of investor concern about the global economic slowdown, which reportedly led Apple to cut production on some models from its new iPhone suite. This comes despite the fact that Apple ( NASDAQ:AAPL ) has an impressive cash position and a sturdy recurring revenue stream via various services.
Wedbush analyst Dan Ives commented on the rumored reductions in iPhone production by saying, “Clearly, this negative news in light of an already shaky macro and the jittery market will send shockwaves across the Street with investors concerned this is another shoe to drop in this dark market with golden child Apple front and center.”
Apple Stock Price Analysis
Despite the growing anxiety, Citi analyst Jim Suva plans to maintain his bullish stance on Apple’s shares leading up to the company’s earnings report on October 27.
In a recent client letter, Suva stated categorically that “We are not fearful about Apple stock notwithstanding Halloween and investor anxieties.”
Here’s more on why Suva’s opinion of Apple stock ( NASDAQ:AAPL ) is so compelling:
Rating: Buy (reiteration)
The desired price is $185
Assumed Increase in Stock Price: 33 Percentage
Suva is focusing on several major longer-term ...
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