(CercleFinance.com) – The title Apple opened higher on Friday on the New York Stock Exchange thanks to some cheap purchases on technology stocks after their disastrous start to the year.
The tech giant’s stock has fallen more than 22% since the start of the year on the prospect of an economic slowdown, which masked better-than-expected first-quarter results.
For Dan Ives, the star analyst at Wedbush Securities, the firm at the apple remains a value that is still just as attractive, especially in the turbulent phase that the markets are currently going through.
‘As of today, we believe demand for the iPhone is holding up better than expected (despite the many supply issues plaguing Apple and the rest of the industry), with trends beating the guidance. “Management team at this stage of the quarter”, he assures in a note released in the morning.
Wedbush, which makes Apple its preferred value within the technology sector, therefore maintains its ‘outperformance’ opinion and its price target of $200 on the stock.
At the end of the morning, the Apple action rose by 0.8%, compared with a gain of 0.6% for the S&P index of ‘techs’.
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