Let’s talk crypto, Metaverse, NFTs, CeDeFi, and Stocks, and focus on multi-chain as the future of blockchain technology. Let us all WIN!
AAPL stock jumped to its all-time high yesterday and closed at $381.37, with a rise of 2.33%. Now Apple stock is 0.82% up in the pre-market.
As most traditional stock markets recover from the first quarter crash, American multinational company Apple Inc. (NASDAQ: AAPL) has not been left behind. This is because its shares rose to reach record high as of yesterday and continued to rise in the pre-market. According to MarketWatch market data, AAPL stock closed yesterday trading at $382.37 after adding $8.68 during the day, and they added around $1.83 in the pre-market. The Wednesday rally is being attributed to rising in share valuation by Deutsche Bank analyst, Jeriel Ong, who believes the Apple stocks should continue to offer upside for investors even after the recent bull run.
Notably, AAPL shares have soared over 66% since the March black Thursday that saw it reach lows of $224 per share. The volatility has significantly seen investors flock in and remain optimistic that the company can deliver despite the ongoing coronavirus pandemic.
Deutsche Bank Analyst’s Sentiments on Apple Stock
Deutsche Bank seems to be rather optimistic about the future of Apple stock.
“With such volatility in the largest company in the world, we believe that Apple’s quick rise has some investors a bit anxious about their Apple holdings at present. Overall, we feel comfortable that AAPL should continue to offer upside for investors,” Jeriel Ong wrote in a note.
Besides that, he raised his revenue estimate for the fiscal year 2020 by 2% and the earnings per share estimate by 3%. In addition, Ong emphasized strongly on his Buy rating after increasing the price target from $380 to $400.
“We see such valuation as elevated versus Apple’s past but fair versus peers when we compare Apple’s total growth potential and earning power with the growth expectations of the peer group. With steady gross and operating margins and a solid balance sheet, we see the potential reward from stock outperformance as skewed positively when compared to the company’s risk profile”.
Read more about the situation on the stock market here.
Into the Future
Apple is anticipating to unveil its next-generation smartphones that are designed to use the 5G network, hence competing with rivals like Samsung Electronics Co Ltd (KRX: 005930) and Huawei Technologies Co. Ltd that are presumably miles ahead. The biggest impediment to the company remains the disruption of the supply chain by the coronavirus crisis that has put most countries in lockdown.
Reports have shown a sharp decline in the global shipment of smartphones and it is anticipated to continue in the coming quarters if the situation remains unfavorable. Investors in the company are confident the developers can deliver on iPhone 12 and other series as scheduled despite the COVID-19 disruption.