“With multiple catalysts ahead, Apple (SYM: AAPL) looks rather appealing,” we said on April 25. “For one, analysts at Bank of America say the stock could soar 36% as it nears the launch of its artificial intelligence-enabled iPhone. The firm also reiterated its buy rating, with a price target of $225, noting that much of the weakness with expected earnings has been priced in.
We added, “Last trading at $166.90, it’s oversold at support dating back to late October. It’s also over-extended on RSI, MACD, and Williams’ %R. From its last traded price, we’d like to see Apple retest $185 a share near term.”
Today, Apple is up to $185.26, hitting our price target. All after the tech giant said it would buy back a historic $100 billion worth of its stock. it also posted second-quarter earnings of $1.53 per share on $90.75 billion in revenue. That topped analysts’ estimates for earnings of $1.50 per share on revenue of $90.01 billion.
The company also announced it would pay a 25-cent dividend.
One of the only soft spots in the report was news “iPhone sales fell nearly 10% to $45.96 billion, suggesting weak demand for the current generation of smartphones, which were released in September. The sales were in line with analyst estimates, and Cook said that without last year’s increased sales, iPhone revenue would have been flat,” added CNBC.
Overall, though, Apple has had one of its best days on the latest news.
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