From Nasdaq: 2024-05-01 04:44:00

Wall Street analyst Toni Sacconaghi updated his rating on Apple (NASDAQ: AAPL) from hold to buy ahead of the tech giant’s quarterly earnings report. He set a price target of $195, anticipating a 15% gain over the next year from Tuesday’s closing price.

Despite a 12% year-to-date drop in Apple’s stock, Sacconaghi believes now is the time to “buy the fear” in Apple. He attributes the decline to temporary factors like weakness in the Chinese market. Apple’s fiscal second-quarter results are due Thursday, with low expectations likely driving the stock.

Investors should focus on Apple’s financial and business fundamentals rather than short-term stock movement. The company continues to pay dividends and has a solid cash position to support its dividend payouts. Sacconaghi also sees upcoming product releases and generative AI features as positive indicators for long-term growth.

The Motley Fool Stock Advisor team did not include Apple in their list of 10 best stocks to buy now, predicting potential high returns from their picks. The Stock Advisor service offers investors guidance on building a successful portfolio and has significantly outperformed the S&P 500 since 2002. Notable board members include Randi Zuckerberg of Meta Platforms and Suzanne Frey of Alphabet.



Read more at Nasdaq: Is Apple Stock Going to $195? 1 Wall Street Analyst Thinks So.