Investors flock to Apple’s safe harbor

Apple stock was up on Friday, outperforming other tech stocks as investors see the company as a safe harbor following fiscal Q324 earnings that best The Street on the top and bottom lines.

Apple on Thursday announced financial results for its fiscal 2024 third quarter ended June 29, 2024. The company posted quarterly revenue of $85.8 billion, up 5 percent year over year, and quarterly earnings per diluted share of $1.40, up 11 percent year over year.

Angela Palumbo for Barron’s:
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Traders may be flocking to Apple as tech stocks experience a downturn following a strong first half of the year. Needham analyst

Laura Martin maintained a Buy rating and $260 price target on Apple, and wrote in a note on Friday that the stock “is a good place to hide,” after earnings.

Whether Apple’s strength lasts remains to be seen. For now, though, the stock looks like a good place to lay low.

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MacDailyNews Take: As we wrote on March 15, 2023 (on which day AAPL closed at $151.97), “Apple remains woefully undervalued.” Today, we repeat: Apple remains woefully undervalued.
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