Markets have been all over the place these last few days of the year. However, we are seeing opportunities. Look at Apple, for example. After dropping from about $150, the tech stock caught strong double-bottom support dating back to mid-June. RSI, MACD, and Williams’ %R are also oversold at the moment. From a current price of $135.93, we’d like to see Apple run back to at least $150 as we head into the new year.
Helping, Evercore ISI just named Apple one of its top picks for New Year 2023. With a price target of $190 a share, the firm noted, “Services has a clear path to $136 billion in revenue by full-year 2026…, which will drive margin expansion and help smooth out the cyclicality inherent in the hardware business,” they added. “Wearables also has a robust growth outlook, with a path to $70 billion in revenue.”
Even Citi analysts maintained a buy rating on the AAPL stock, with a price target of $175. They noted that “While the December quarter is constrained by supply (China Covid closures impacting production), we believe demand for Apple’s products and services is likely to remain resilient throughout full-year 2023.”
