Its time to breakdown the third of the 5G stocks on my list. $AAPL or Apple is on deck.
Current Price: $349.72
52/Wk High: $356.56
52/Wk Low: $192.58
Read below for the breakdown!
Many know and love Apple and at this point, the company seems unstoppable. With all sectors of their business pretty much running at full steam and their resistant stock, I see no reason Apple’s upward trend won’t continue.
The company is constantly expanding its digital offerings and shifting more of its revenue to digital sales instead of hardware which is a trend that is only heading north.
Secondly, Apple is set to have a huge pent up demand in new 2020 devices due to the 5G rollout. Many analysts expect iPhone sales to be a blowout in 2020 due to the launch of the 5G iPhones and rumored new design. Given that their flagship device is at the moment what moves the stock I see no reason Apple wouldn’t continue to head north.
Apple is also continuing its push into health and products like the Apple Watch are getting production boost due to increased demand and the watches overall remarkable functionality versus the competition.
Digital sales on the app store were also reported for 2019 calendar year and the company reported an excellent $519 billion in billings just for the app store throughout 2019.
Given all of the positives and their resistance to COVID and economic fallouts, the company is set up perfectly for the future of 5G and tech. Not only that but many are still expecting updates on their autonomous driving segment called project Titan and their speculated release of a VR system.
Earnings have also been remarkable. Q2 earnings came in with a beat, delivering a $2.55 EPS versus the $2.26 EPS consensus. The revenue also delivered for Q2 coming in at a whopping $58.3 billion.
They are also in perfect position on cash given that their last reported cash position was a massive $192.8 billion.
Analysts are also extremely bullish and Apple has received several upgrades in just the past few weeks. With the average price target lagging at $340.23/share the high is consistently moving up and is currently at $410.63/share.
The big money is bullish as usual on $AAPL as well with net institutional ownership of 63.84%. The largest holders are Vanguard Group, Blackrock inc, and finally Berkshire Hathaway inc.
Overall I am bullish on the name. I think Apple is an own not trade stock and I love it both long and short term. While I do not currently hold a position I am always on the lookout for an opportunity to buy some.
Disclaimer: This is not financial advice, simply opinion based on independent research.