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Apple Inc (NASDAQ:AAPL) is scheduled to report its quarterly earnings on Thursday.
On CNBC's "Options Action," Tony Zhang said that Apple’s stock has been on a “slow and steady uptrend for the past couple of years” but recently there has been “a breakdown of that trend.”
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The risk reward now “favors to the downside going into the earnings event,” he added.
Check out other tech stocks making moves in the premarket.
Apple is currently a slow growing business, Zhang mentioned. “If you look at EPS and revenue growth, we’re looking at single digits over the next couple of years,” he said.
The stock is currently trading at nearly 24 times next year’s earnings, which is “a pretty rich multiple to where the S&P is trading right now,” Zhang stated. He expects a multiple contraction if the guidance is unfavorable for the rest of the year.
AAPL Price Action: Shares of Apple declined by 0.81% to settle at $154.09 on Friday.
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.