Based on this, we believe that Apples recent stock performance and absolute trading levels are unsustainable and continue to advise investors to avoid the stock. Rodhalls team of analysts wrote in a report to clients.
Goldman Sachs maintained Apples sell rating, but raised its target price to $299 from $263, which means there is still 23% room for apple to fall from Wednesdays closing price. Currently, Wall Streets average target price for the stock is $369.18.
Goldman said quarterly results through June could meet expectations, but the focus is still at the end of 2020 to gain insight into Apples demand recovery.
Analysts said recent corporate layoffs and unemployment rates remain high, suggesting that the drag on capital spending by the coronavirus pandemic will last longer than expected. Goldman believes that even if Apples demand rises sharply, a weaker average price will put pressure on Apples performance in 2021.
Apples market value is now $1.6 trillion, and apple is one of the main leading gainers in the NASDAQ rally.
While Microsoft and Tesla reported strong results, Apples share price has fallen in recent days. Apple closed at $371.38 on Thursday, down 4.55%. That could make traders and investors more worried about sell news..
Source: Science and technology innovation board daily editor: Wang Xiaowu_ NF