Tuesday, March 15, 2022 2:49 pm3 Comments

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Apple stock looks like a great buy on recent weakness, says Crossmark Global Investments chief markets strategist Victoria Fernandez.

Brian Sozzi for Yahoo Finance:

“We actually bought Apple over the last couple of weeks. I mean the name has come down tremendously. So I think you can go in and buy that name. They have such a strong balance sheet and they have a tremendous cash position,” said Fernandez.

Shares of the tech giant are off by 13% year-to-date. The stock is down about 15% from its 52-week high.

This week, the stock took a fresh hit on new COVID-19 lockdown concerns coming out of China.

One of Apple’s largest suppliers Foxconn has temporarily halted operations as the Chinese government looks to contain a new COVID-19 outbreak. It’s unclear when operations will restart.

Wedbush tech analyst Dan Ives told Yahoo Finance Live the shutdown is of “concern,” and could crimp Apple’s production by 1% to 2% this quarter.

Despite the angst, Apple bulls on Wall Street remain out in full force.

MacDailyNews Take: When the opportunities to own Apple stock at a discount present themselves, take them.

The average price target for Apple stock of 44 analysts is currently $193.53.

At the end of April, Apple will report record March quarter earnings along with updates to the company’s dividend payout and share repurchase program.

We expect to achieve solid year-over-year revenue growth and set a March quarter revenue record despite significant supply constraints, which we estimate to be less than what we experienced during the December quarter. – Apple CFO Luca Maestri, January 27, 2022

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