Apple (SYM: AAPL) is just starting to come back strong.
After a miserable few months of downside, the tech giant gapped from about $172 to $187.
All after the company posted better than expected earnings, and announced a massive $100 billion share buyback program. Apple posted EPS of $1.53 on revenue of $90.75 billion, which beat expectations for EPS of $1.50 on revenue of $90.01 billion.
Following that report, Bank of America reiterated its buy rating with a price target of $230, adding that it expects the company to roll out generative artificial intelligence features for the iPhone this year.
JPMorgan reiterated an overweight rating, with a new price target of $225 noting “resilient” year-over-year iPhone revenues and “expectations of an upgrade cycle-led tailwind in iPads” ahead of Apple’s upcoming product launch. Morgan Stanley analysts also reiterated an overweight rating with a target of $216.
From its current price of $187, we’d like to see it retest $200 near term.
Also, while you can always buy shares of Apple, you can also pick up the Direxion Daily Apple Bull 1.5x Shares (AAPU). With an expense ratio of 1.04%, this ETF seeks 150% daily leveraged investment results. As Apple gapped from $172 to $187 last week, the AAPU ETF ran from a low of $22.14 to a high of $25.18.
It’s just something to consider the next time you invest in Apple.
