1 Green Flag and 1 Red Flag for Apple Stock in 2023
Apple (NASDAQ: AAPL) started 2023 on a sorry note. Shares of the tech giant slipped to their 52-week lows on Jan. 3, driven by concerns that a shortfall in iPhone production due to lockdowns in China will affect the company's results for the December 2022 quarter.
Apple stock is now 27% off its 52-week high. However, the stock has a one-year median price target of $175, according to a consensus estimate of 39 analysts, which points toward a 34% upside from current levels. So, should investors buy Apple stock near its 52-week low based on analysts' projections? Or should they sell the stock in the anticipation that things could get worse? Let's find out.
Analysts are worried that the company's quarterly performance for the three months ending in December 2022 may fall below expectations. This may not be surprising, given that iPhone production estimates for the holiday quarter have been dwindling. JPMorgan, for instance, expects Apple to manufacture 75.5 million iPhones in its fiscal first quarter (which ended last month), which is ideally its strongest quarter. That would be roughly 12% lower than the prior-year period's estimated production of 85.5 million iPhones.
Source Fool.com
