Apple Inc. (NASDAQ:AAPL): Apple Stock Is Gaining Momentum Ahead of Its Fiscal First Quarter Earnings Release on Feb 2

 



Apple stock managed to close above a key resistance level at $134 on Fri and could be heading higher to retest its 600-day EMA at $135.53 next week. In our view, Apple stock will continue to gain upward momentum until the release of its fiscal first quarter earnings on Feb 2, if the stock can break above its 600-day EMA. The next key trendline resistance is around $144.

Two Factors to Consider:

(1) iPhone 14 Pro/Max are now widely available for same-day Apple Store pick-up and next-day delivery in countries across the world, including US and UK, per The Apple Post. Sales of the iPhone 14 Pro/Max should pick up in the current quarter if the lost demand in December quarter is deferred into this quarter.

(2) The stock is currently undervalued with a P/E ratio of 22, according to Loup Ventures' Gene Munster. ("'Apple should be a $250 stock' - Loup Ventures' Gene Munster" - Seeking Alpha) He compared Apple's P/E to big-name non-tech companies such as Coca Cola, Disney and Caterpillar, which have P/E ratios around 30.

This note contained herein is not and should not be construed as a recommendation to buy or sell. Click here to view the latest update!



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