Apple Leads the Way in Strong Day for Tech Stocks
Yesterday, as fears over the Omicron variant continued to ease, Wall Street’s main indices all posted strong gains. These increases were largely fuelled by rises in technology stocks, led by the world’s largest company by market capitalisation, Apple.
Apple shares rose more than 3.5% during the session, achieving a record closing price of $171.18 in the process.
This strong performance was achieved after Morgan Stanley Analyst Katy Huberty placed a price target of $200 on the stock, significantly increasing her previous target of $164. If this 12-month target is accurate, investors could be set for gains of almost 17% over the next year.
This revised target is largely due to reports that Apple are developing virtual and augmented reality products, and the anticipation that these products could be launched in the not-too-distant future.
It is also a reflection of investors currently seeking higher quality stocks as volatility returns to the financial markets, something which has been evident in recent sessions.
Whilst many stocks plunged amidst uncertainty generated by the latest variant of Covid-19, Apple shares proved remarkably resilient. In fact, Apple’s share price hardly dropped at all when compared with other technology stocks.
Can Apple really reach $200 a share over the next year? The immediate concern for most potential investors will be a reported slowing in demand for the iPhone 13 and ongoing supply chain issues, which have already forced Apple to cut production targets of their latest smart phone by 10 million units.
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