Apple Testing $500 Share Level
Ten days ago we talked up the decline of Apple Inc (AAPL) shares, that trend hasn't stopped. Apple is just $9 away from $500 a share.
Apple shares have dropped almost 40% from its 12 month high. That works out to a massive loss of $183.7 billion for the world's most valuable company.
Friday Apple shares lost 3.9% and closed $509.79. Last time we checked in on Apple it was the company's worst day performance in more than four years. The downtrend is inescapable for Apple since December despite rallying a short comeback in late November. Now that Apple is below the $520 share price the next test is $500. Apple is well below its 50-day moving average of $560.05 and 200-day moving average of $609.79.
The analysts are finally weighing in on Apple now that its share price has tanked. This past week UBS changed their price target from $780 to $700 for Apple. UBS still maintains a "Buy" rating on Apple Inc. Jefferies analysts reduced their revenue outlook on Apple this week but still maintain their "Buy" rating. Jefferies has a $800 price target and said they believe the stock is "dramatically under-priced."
MASTERY Bottom line:
Thanks to the decline it could be an invitation to Bob for Apples. Mastery likes getting in on the decline.
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