Apple shares got a price target hike from Deutsche Bank analyst Jeriel Ong .
Ong boosted his target on the iPhone maker’s share price to $400 from $380. He affirmed his buy rating.
Although the analyst did caution about what he thinks is the stock price’s overreaction to the positive data points over the past two months, he is optimistic on the company's fundamentals.
Amid his confidence about the company, the downside risks that Ong indicated include a more prolonged second wave of covid-19, iPhone delays hurting the stock price(which investors appear to largely be looking through now, according to Ong), and lower spending in the second half of the year due to smaller wallets and higher unemployment.
Nevertheless, Apple can “work from present levels” according to Ong.
According to Tickeron, AAPL's Aroon indicator reaches into Uptrend on July 07, 2020
For traders, this could mean going long on the ticker or exploring call options in the next month. In 271 of 419 cases where AAPL Aroon's Indicator entered an Uptrend, the price rose further within the following month. The odds of a continued Uptrend are 65%.
Current price $378.93 is above $323.99 the highest resistance line found by A.I. Throughout the month of 06/04/20 - 07/07/20, the price experienced a +16% Uptrend. During the week of 06/29/20 - 07/07/20, the stock enjoyed a +3% Uptrend growth.
Technical Analysis (Indicators)
Bearish Trend Analysis
The RSI Indicator appears to be shifting from an Uptrend to a Downtrend. In 19 of 53 cases where AAPL's RSI indicator exited the overbought zone, the price fell further within the following month. The odds of a continued Downtrend are 36%.
The Stochastic Indicator has been in the overbought zone for 2 days. Expect a price pull-back in the near future.
The Moving Average Convergence Divergence (MACD) crossed below the signal line. In 26 of 37 cases where AAPL's MACD histogram became negative, the price fell further within the following month. The odds of a continued Downtrend are 70%.
The higher Bollinger Band was broken -- a price fall is expected as the ticker heads toward the middle band, which invites the trader to consider selling or shorting the ticker, or exploring put options. In 16 of 56 cases where AAPL's price broke its higher Bollinger Band, its price dropped further during the following month. The odds of a continued Downtrend are 29%.
Fundamental Analysis (Ratings)
Tickeron has a positive outlook on this ticker and predicts a further increase by more than 4.00% within the next month with a likelihood of 84%. During the last month, the daily ratio of advancing to declining volumes was 1.7 to 1.
The Tickeron Price Growth Rating for this company is 5 (best 1 - 100 worst), indicating outstanding price growth. AAPL’s price grows at a higher rate over the last 12 months as compared to S&P 500 index constituents.
The Tickeron Profit vs. Risk Rating rating for this company is 6 (best 1 - 100 worst), indicating low risk on high returns. The average Profit vs. Risk Rating rating for the industry is 85, placing this stock better than average.
The Tickeron PE Growth Rating for this company is 12 (best 1 - 100 worst), pointing to outstanding earnings growth. The PE Growth rating is based on a comparative analysis of stock PE ratio increase over the last 12 months compared against S&P 500 index constituents.
The Tickeron SMR rating for this company is 16 (best 1 - 100 worst), indicating very strong sales and a profitable business model. SMR (Sales, Margin, Return on Equity) rating is based on comparative analysis of weighted Sales, Income Margin and Return on Equity values compared against S&P 500 index constituents. The weighted SMR value is a proprietary formula developed by Tickeron and represents an overall profitability measure for a stock.
The Tickeron Valuation Rating of 91 (best 1 - 100 worst) indicates that the company is significantly overvalued in the industry. This rating compares market capitalization estimated by our proprietary formula with the current market capitalization. This rating is based on the following metrics, as compared to industry averages: AAPL's P/B Ratio (20.55) is very high in comparison to the industry average of (2.15). P/E Ratio (29.22) is within average values for comparable stocks, (355.39). Projected Growth (PEG Ratio) (2.67) is also within normal values, averaging (14.91). Dividend Yield (1.37) settles around the average of (0.94) among similar stocks. P/S Ratio (4.08) is also within normal values, averaging (5.63).
The Tickeron Seasonality Score of 95 (best 1 - 100 worst) indicates that the company is significantly overvalued in the industry. The Tickeron Seasonality score describes the variance of predictable price changes around the same period every calendar year. These changes can be tied to a specific month, quarter, holiday or vacation period, as well as a meteorological or growing season.