1 Growth Stock Down 7% to Buy Right Now
's (NASDAQ: AAPL) stock has dipped about 7% since August, having posted four consecutive quarters of revenue declines. Investors have grown concerned amid dwindling product sales, which account for more than 70% of the company's revenue. Apple is being challenged by macroeconomic headwinds, which triggered reductions in consumer spending across the tech market.
The iPhone manufacturer posted fiscal 2023 earnings on Nov. 2, revealing net sales decreased by 3% year over year. Revenue fell in Apple's four product categories, with services reporting the only growth during the 12 months.
Apple has retained leading market share in multiple product categories despite recent hurdles. Meanwhile, its services business has continued to flourish, with the company still managing to hit over $99 billion in free cash flow. Alongside ventures into high-growth markets such as artificial intelligence (AI) and virtual/augmented reality, Apple remains an attractive long-term investment.
Source Fool.com
Apple Inc. Stock
Currently there is a rather positive sentiment for Apple Inc. with 136 Buy predictions and 19 Sell predictions.
With a target price of 222 € there is a slightly positive potential of 9.79% for Apple Inc. compared to the current price of 202.2 €.
