Market Overview

For Apple's Stock, This Technical Analyst Sees A Path Toward $180 Per Share

Share:
For Apple's Stock, This Technical Analyst Sees A Path Toward $180 Per Share
Related AAPL
Tablet Boom Fades As Smartphones, Sleek Laptops Take Over
Morgan Stanley: Buy The Dip In Apple
Dow Jones Lags In Strong Rebound; Will This Tech Beat Apple Over The Next Year? (Investor's Business Daily)

Ahead of Apple Inc. (NASDAQ: AAPL)'s new product launch event Tuesday, the case for owning the stock can be made from a technical analysis point of view.

Apple's stock has established a near-term support level of $155 per share, Oppenheimer's head of technical analysis said during a recent CNBC "Trading Nation" segment. As such, the downside case for Apple's stock is roughly $6 per share, but the upside scenario could be as high as $180 per share, which implies a gain of $20 per share.

Going back to the middle of 2014 through early 2017, Apple's stock has been stuck in a range of around $90 per share and $135 per share, Ari Wald explained. But when Apple's stock managed to trade above this $45 spread the pattern may repeat itself, hence the $180 per share outlook.

Of course, Apple's stock is benefiting from the overall market strength, Wald continued. From a macro perspective, the technical analysis tools are "bullish for stocks," especially large-cap technology names.

Related Link: If Apple Fails To Deliver Something 'Sexy,' It Could Drag Down The Entire Market

Apple As A Growth Stock?

Despite Apple's stock trading near its all-time highs and boasting a market cap north of $800 billion, there is still room for growth to be found in Apple's stock, Chad Morganlander of Washington Crossing Advisors also explained during the "Trading Nation" segment.

Apple's current valuation "makes sense" given expectations of a 4 to 6 percent growth in revenue next year to around $240 billion he continued. While this is encouraging heading into 2018 the fact is Apple needs to gain market share especially in emerging markets for the stock to continue outperforming in the coming years.

"We think Apple will outperform for the next three months but we wouldn't go overweight or add to a position if you do have an existing position," Morganlander concluded.

Related Link: Munster: iPhone 8 Should Be Delivered On Time

Latest Ratings for AAPL

DateFirmActionFromTo
Nov 2018UBSMaintainsBuyBuy
Nov 2018GuggenheimDowngradesBuyNeutral
Nov 2018Morgan StanleyMaintainsOverweightOverweight

View More Analyst Ratings for AAPL
View the Latest Analyst Ratings

Posted-In: Analyst Color News Technicals Events Top Stories Analyst Ratings Tech Media Best of Benzinga

 

Related Articles (AAPL)

View Comments and Join the Discussion!

Latest Ratings

StockFirmActionPT
ACBIKeefe Bruyette & WoodsUpgrades21.0
COTYBMO CapitalUpgrades12.0
ECCOppenheimerDowngrades0.0
VYGRRaymond JamesUpgrades0.0
ATNXJP MorganUpgrades15.0
View the Latest Analytics Ratings
Don't Miss Out!
Join Our Newsletter
Subscribe to:
Market in 5 Minutes
Everything you need to know about the market - quick & easy.
Daily Analyst Rating
A summary of each day’s top rating changes from sell-side analysts on the street.
Fintech Focus
Your weekly roundup of hot topics in the exciting world of fintech.
Thank You
for registering for Benzinga’s newsletters and alerts.
• The Daily Analysts Ratings email will be received daily between 7am and 10am.
• The Market in 5 Minutes email will be received daily between 7am and 8am.
• The Fintech Focus email will be received every Friday between 2pm and 5pm.

The 35-Year Forecast For Electric Vehicles

China Plans To Ban Bitcoin Trading, Initial Coin Offerings Even As Fintech Adoption Thrives