On April 9, the shares of the US tech giant Apple (AAPL) were trading at their highest level in the last 21 weeks.
After crossing the $200 psychological level on April 8 for the first time since November 2018, the stock was up 1.0% on April 9 as of 10:50 AM EDT.
Investors are watching AAPL closely
Apple stock is trading on a positive note for the tenth straight session today. If the stock manages to close in the green today, it will mark its first tenth-straight day of gains (QQQ) since October 2010, according to a CNBC report.
On March 25, Apple announced its paid news subscription service and its entry into the video streaming space at a special event at its headquarters in Cupertino, California. Along with these two new services, called Apple News+ and Apple TV+, the company also unveiled a game subscription service called Apple Arcade and a credit card partnership with Goldman Sachs (GS) called Apple Card.
Apple’s video streaming services announcement received a mixed response from some popular analysts due to missing pricing details and a lack of clarity on the exact timeline of the launch. Read Did Apple Announce Its New Services Too Soon? to learn more.
Despite the mixed response by some, many other Wall Street analysts, including Morgan Stanley, UBS, Piper Jaffray, and BTIG, raised their price targets on Apple after its new services announcements.
According to Thomson Reuters, earlier today, Wedbush Securities also raised its price target on Apple stock to $225 from $215, which could be keeping investors’ optimism alive.
However, we can’t forget the fact that Apple is likely to face stiff competition from well-established players such as Netflix (NFLX) in the video streaming services segment.
Apple stock might be expensive to buy and hold for the long term at its current valuation. Read You Really Want To Be Buying Apple Now? to learn more.