It’s time to switch things up a bit.
Starting on Monday, Stock Power Daily will become Money & Markets Daily. Since we’re already covering a broad span of financial and economic trends, and we’ve added Mike Carr to the team, we figure a more all-encompassing publication name is a better fit.
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Now let’s see what’s going on with Apple Inc. (Nasdaq: AAPL)…
Cut Through the AAPL Noise
The hits keep coming for Apple Inc. (Nasdaq: AAPL):
- It’s pulled the blood oxygen feature on its latest Apple Watches to avoid an outright sales ban.
- iPhone sales in China, Apple’s largest international market, are slumping amid fierce competition.
- It can’t escape the courtroom as developers and governments alike continue their antitrust fight.
Of course, Bank of America followed with its own (positive) hit on Thursday. Analysts at the bank upgraded AAPL stock to a “Buy” and projected a 20% gain in its share price over the next 12 months. The stock jumped more than 3% higher in early trading Thursday on the news.
And this is all leading up to Apple’s first foray into the world of virtual reality with the launch of its innovative, and pricey at $3,499 a pop, Vision Pro headset in a couple of weeks.
With such a mixed bag of news, it’s tough to determine on your own whether Apple stock is one to hold in your portfolio for 2024. Luckily, we have Adam O’Dell’s Green Zone Power Ratings to help cut through the noise.
And AAPL looks solid with a “Bullish” 70 out of 100 rating.
AAPL’s Green Zone Power Ratings in January 2024.
Bullish stocks in Adam’s system are set to outperform the broader market by 2X over the next 12 months.
As I and the rest of the Money & Markets team have mentioned before, Apple is a Big Tech stock, and that means low ratings on Size and Value. This is a stock that everyone is buying, which means you’re going to pay a premium compared to its valuation.
And AAPL’s ratings of 78 or higher on Volatility, Momentum, Quality and Growth are more than enough to make up for those shortcomings.
Apple turned bullish in May after the tech bull market solidified, and its rating has steadily improved from there.
I wouldn’t expect another AI-fueled rally like we saw last year, but Green Zone Power Ratings says AAPL is set to outperform from here.
That’ll do it for me this week. Take a moment to fill out our survey if you haven’t already. It’s pretty painless, and it’s only going to help us make this free newsletter even better from here.
Until next time,
Chad Stone
Managing Editor, Money & Markets