On March 21, Apple (AAPL) received ratings upgrade from two firms. In the previous part of this series, we looked at one of these upgrades from Needham & Company, which raised its price target to $ 225 from $180. At 1:20 PM ET, the stock was trading at 194.73.
Wedbush upgrades Apple stock
Wedbush Securities’ equity research Managing Director Daniel Ives upgraded raised his price target on Apple to $215 from $200. Ives has an “outperform” ratings for Apple stock, and he believes that its announcements during the March 25 event could just be the “tip of the iceberg,” which could drive growth in the company’s services segment.
Investors should be cautious
Despite these multiple upgrades on Apple stock, remember that Apple is very likely to continue facing challenges in the Chinese market in the near term. Overall, most of the negative factors that triggered a sell-off in Apple stock in the fourth still haven’t changed much.
In February 2019, the “Oracle of Omaha,” Warren Buffett, during an interview with CNBC, indicated that he finds Apple stock expensive. He said, “If it were cheaper, we’d be buying it. We aren’t buying it here.”
Also, a couple of days ago, Market Realist CEO JP Gravitt pointed out that Apple’s valuation multiples seem expensive. Read his full article, You Really Want To Be Buying Apple Now?
On March 20, Micron Technology (MU) reported its Q2 of fiscal 2019 earnings. The quarter ended on February 28.
Broadcom (AVGO) stock fell ~8.5% after markets closed yesterday following the semiconductor giant's fiscal 2019 second-quarter earnings release. It missed analysts' revenue estimate and cut its fiscal 2019 revenue guidance by $2 billion to $22.5 billion due to sluggishness in its semiconductor solutions business.
The SPDR Gold Shares ETF (GLD), which tracks physical gold prices, has underperformed the broader markets year-to-date, rising just 4.4% compared to the S&P 500’s (SPY) gain of 15.9% as of June 14. The sentiment for gold, however, has been turning around.
Safe havens such as Treasuries and gold were back in favor on June 14 as stocks fell due to rising tensions in the Middle East, concerns over growth, and the looming threat of the US-China trade war. The tech-heavy Nasdaq Composite Index fell 0.67% in the first hour of trading.
Lululemon (LULU) stock rose 2.1% on June 13 in reaction to better-than-expected first-quarter results and an upgraded outlook for fiscal 2019 overall. The company's first-quarter adjusted EPS grew 34.5% to $0.74 on revenue growth of 20.4% to $782.32 million. Analysts had expected EPS of $0.70 and revenue of $755.31 million. Here's why the outlook got an upgrade.
As of 4:40 AM Eastern Time today, US crude oil active futures were at $51.83, ~4% below their closing level in the previous week. If US crude oil prices stay at those levels today, they'll mark their third week of decline in five weeks.
Amazon is discontinuing its Amazon Restaurants service, which has been delivering food for restaurants in parts of the United States. Amazon Restaurants launched in the United States in 2015 and entered the British market the following year. However, it met strong opposition in the British market.