On Wednesday, September 7, Apple's long-awaited event took place, at which new versions of the Cupertino company's products were presented. How did the company's US-listed shares react to the event?
Apple Inc. unveiled the new iPhone 14, which has so-called safety features as standard. These include the ability to detect collisions and emergency SOS sending via satellite - a feature that allows users to send text messages in an emergency without access to cellular services. In addition, on Wednesday was the launch of the new AirPods Pro and Apple Watches. Apple's share price gained 1 percent on Wednesday, closing at $155.96. Better than the company itself, however, seemed to be the suppliers of components for the new products. Shares of Skyworks and Texas Instruments rose 1.7 percent, followed by Qualcomm, up 1.5 percent, and Qorvo, up 1.4 percent at the close of yesterday's session.
Source: Conotoxia MT5, Apple CFD, D1
Apple stock price in recent times
Apple's share price, after peaking in January 2022 in the area of $182, has retreated to the vicinity of $130 in early June. Currently, the share price seems to be in the middle of its annual fluctuation range, at $155. This gives the company a capitalization of $2.5 trillion, making it the largest in the world. In turn, the price-to-earnings ratio for Apple is 25, making it one of the largest in the last decade. In December 2020, this popular valuation ratio reached 35.40, while Apple's revenue for the quarter ended June 30, 2022 was $82.959 billion, up 1.87 percent from a year earlier. And Apple's revenue for the twelve months ended June 30, 2022 was $387.542 billion, up 11.63 percent from a year earlier.
What is the outlook for Apple's stock price?
According to the MarketScreener portal collecting recommendations from Wall Street analysts, the company has 26 buy recommendations, eight hold recommendations and zero sell recommendations. Institutions pointing to buy Apple shares include Credit Suisse with a target price of $201 and JP Morgan with a target price of $200. The average target price is $181.50, while the so-called Street High, or highest recommendation on Wall Street, is $220, and the Street Low is $130, according to Market Screener data.
Source: Conotoxia MT5, MarketScreener - lowest, average and highest target price for Apple shares.
Daniel Kostecki, Director of the Polish branch of Conotoxia Ltd. (Conotoxia investment service)
Materials, analysis and opinions contained, referenced or provided herein are intended solely for informational and educational purposes. Personal opinion of the author does not represent and should not be constructed as a statement or an investment advice made by Conotoxia Ltd. All indiscriminate reliance on illustrative or informational materials may lead to losses. Past performance is not a reliable indicator of future results.
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