Finance

Apple’s stock is down, but still supported by analysts

Friday, 18 September 2020 18:06
Apple’s stock is down, but still supported by analysts

(Ecofin Agency) - The value of Apple’s stock fell again on Thursday, September 17 on the Nasdaq where the American manufacturer is listed. It was down 1.6% after having fallen by 3% during Wednesday's session.

This decline is part of an overall decline observed on technology stocks that have driven the U.S. stock markets between late March and late August 2020. Apple posted a decline of 3.7% over the last 30 days.

Despite this decline, the world's largest company by stock market value is appreciated by investors. The analysis and investment firm Jefferies recommended it for purchase.

“We see historically low upgrade rates and handset subsidies in the U.S. reversing trend, share gains versus Huawei in Europe, and a massive legacy installed base in China looking to upgrade,” said Jefferies analyst Kyle McNealy. As a result, he believes the company's value can grow another 16% or more.

Jefferies is not the only investment firm to recommend Apple for purchase. Needham & Company believes that the company's new offerings and new manufacturing processes will give it a competitive edge. For these analysts, the Apple share could even reach $140.

Idriss Linge



 
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