Apple's stock outperforms S&P 500 with positive analyst estimates and upcoming earnings report.

From Nasdaq: 2024-06-27 17:45:19

In the latest trading session, Apple (AAPL) closed at $214.10, up 0.4%, outperforming the S&P 500’s 0.09% gain. The stock has seen a 12.07% increase in the past month, surpassing the Computer and Technology sector (+6.18%) and S&P 500 (+3.38%). Analysts are anticipating Apple’s upcoming earnings report, projecting an EPS of $1.33 and revenue of $83.46 billion.

Analyst estimates for Apple have been showing positive revisions, indicating optimism about the company’s future. These estimates have a significant impact on stock performance. The Zacks Rank system gives Apple a #3 (Hold) ranking, with an average annual return of 25% for #1 ranked stocks. Apple is currently trading at a premium compared to its industry, with a Forward P/E ratio of 32.38.

The Computer – Mini computers industry, to which Apple belongs, has an average PEG ratio of 2.23, while Apple’s PEG ratio stands at 2.59. This metric considers the company’s expected earnings growth rate. The industry has a Zacks Industry Rank of 48, placing it in the top 20% of industries. Top-rated industries generally outperform lower-rated ones by 2 to 1.

Analysts have identified 5 “Whisper” stocks, including Apple, that have the potential to surprise Wall Street with significant earnings jumps. These stocks are predicted to rise by 10-20% upon their earnings announcements. For more insights and stock recommendations, visit Zacks.com.



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