From Nasdaq: 2024-05-01 09:38:26

1. Apple (AAPL) will release its fiscal Q2 2024 earnings after the closing bell on Thursday. The iPhone maker is the second-worst performing “Magnificent 7” stock of the year, trailing behind Tesla (TSLA).

2. Analysts expect Apple to report revenues of $90.6 billion in fiscal Q2, a 4.5% YoY fall. Markets are concerned about iPhone sales, especially in China, where Huawei’s competition poses a challenge.

3. Ahead of Apple’s earnings, Bernstein upgraded the stock from “market perform” to “outperform,” advising to buy the dip. Analysts see AI-enabled handsets triggering a potential iPhone upgrade cycle, providing a buying opportunity for investors.

4. Apple has yet to fully participate in the AI frenzy seen among Big Tech companies. Despite concerns over stagnant iPhone sales, there is potential for a post-earnings rally as the 2024 price action looks pessimistic. Analysts see a high likelihood of a rebound in AAPL stock.



Read more at Nasdaq: Apple Earnings Preview: Should You Buy AAPL Stock Ahead of Thursday’s Q2 Report?