Apple continues its relentless but choppy journey back to the top. The stock is still in correction territory, after having shot through the roof earlier in 2020. But there is at least one catalyst that could help shares in the upcoming week.
What to keep an eye on
- No 5G iPhone yet. Rumors had it that Apple would set a day to announce its new iPhone soon, and that the event would take place in the first half of October. So far, nothing has happened. For the September product refresh, the invitation came out on a Tuesday morning for an event that took place one week later. Could October 6 be the day? The sooner the invite comes out, the better it is for Apple stock, as it would suggest that the delays in bringing the device to market ahead of the 2020 holiday season could be less of a concern.
- Keep an eye on sell-side activity. We are barely four weeks away from Apple’s earnings day – and the Apple Maven has already started the countdown. The closer to the day we get, the more sell-side (i.e. Wall Street bank) reports will likely come out with a preview of the results. Keep an eye on the analysis, as it may reinforce or question bullishness ahead of the print. As a reminder, Apple is rated a solid “buy” on average (see below), with consensus price target of nearly $121 per share.
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(Disclaimers: the author may be long one or more stocks mentioned in this report. Also, the article may contain affiliate links. These partnerships do not influence editorial content. Thanks for supporting The Apple Maven)