Apple Stock News
Apple, Inc.’s share prices dropped to a new 52-week low on Friday, May 6th, with a share value of $91.85 before closing at $92.72 at the end of the trading session. This number put AAPL at a one-year loss of 24.46% and a year-to-date loss of around 11%.
RBC Capital Markets analyst Amit Daryanani sees this dip as an overreaction by stockholders to the recent findings in the Q2 earnings report. In the report, Apple posted a year-over-year decline in quarterly revenue for the first time in 13 years and the first-ever decline in iPhone sales.
Traders with a bearish position on Apple stock are saying that iPhone upgrade cycles will be elongated and that the upcoming release of the iPhone 7 won’t entice consumers enough to buy the phone. Additionally, Apple’s struggles in China are concerning and the decline in profit margins are also noted by traders with this position.
Bulls, on the other hand, see the potential for accelerated iPhone growth in coming years and revenue from services such as the App Store and Apple Pay also seeing further growth. Daryanani also notes that new products that are rumored to be released, such as an Internet TV service, could lift Apple’s stock over the next 5 years.
Ultimately, Daryanani sees Apple stock as being oversold and has a strong “outperform” position on the stock at this time. His price target for the company is $120, showing that he expects strong growth from this point.