Friday, April 28, 2023 4:08 pm2 Comments

• News

Apple’s stock is up ahead of earnings as investors bet on a beat. The company is set to report fiscal second-quarter results on Thursday, May 4th just after market close.

Patrick Seitz for Investor’s Business Daily:

Analysts polled by FactSet predict Apple will earn $1.43 a share, down 6% year over year, on sales of $92.9 billion, down 5%.

Wall Street is hoping for positive news from Apple sales in China and India as well as continued services growth.

Year to date, Apple stock is up 29.9%. That compares with an 8.5% rise for the S&P 500.

MacDailyNews Take: Apple, of course, also contributes strongly to the S&P 500 as a major component.

In a recent note to clients, Morgan Stanley analyst Erik Woodring called Apple “the best house in a challenged neighborhood.” He rates Apple stock a “top pick” with a price target of 180.

“Investors are attracted by the company’s quality of earnings and its strong balance sheet in an uncertain macro environment,”[Deutsche Bank analyst Sidney] Ho said in a note to clients. “We expect this investor preference to continue.”

MacDailyNews Take: Apple shares remain laughably undervalued.

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