Wall Street defends Apple stock amid worst week since 2022
The recent decline in Apple’s stock price presents a buying opportunity for investors, as certain analysts continue to view the company as a reliable refuge during times of market turbulence. Last week, the stock plummeted nearly 11%, marking its steepest one-week drop since November 2022. This year, Apple’s shares have fallen over 14%, outpacing the Nasdaq 100 Index’s nearly 6% decrease. On Monday, the stock again suffered an additional decline of more than 1%.
Ryan Vlastelica for Bloomberg News:
“At a time of potential economic stress, its stalwart stature as a seller of indispensable devices (arguably staples) with exceptional brand and balance sheet strength, create supportive arguments for the shares, countering the headwinds of a slower than hoped for ramp up in AI, and exposure to Trump tariffs,” wrote Rosenblatt Securities analyst Barton Crockett in a note.
While recent issues — including a delay with the company’s artificial intelligence-infused Siri digital assistant, gave further credence to the view that the company is struggling in the AI era — Crockett said “the iPhone and AI cycle for Apple will improve from here.”
His view is echoed by Ben Reitzes, an analyst at Melius Research, who maintains a positive view on the iPhone’s long-term potential. Both have a buy rating on shares.
MacDailyNews Note: More about Reitzes’ outlook for Apple here.
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