With Pesky Q3 Results Out of the Way, All Eyes Focus on Apple (AAPL) iPhone Refresh and All-Time Highs
Get Alerts AAPL Hot Sheet
Rating Summary:
40 Buy, 24 Hold, 7 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 9 | Down: 9 | New: 41
Join SI Premium – FREE
Despite seemingly ho-hum third quarter results after the close, shares of Apple (NASDAQ: AAPL) are jumping 3% in mid-day trading Wednesday as investors look to bigger and better things.
Namely, with the results in the rear view mirror, investors will now narrowly focus on the upcoming iPhone 6 refresh. Every single Wall Street analyst that weighed in on the stock today put more emphasis on the refresh catalyst than last night's Q3 numbers. The reason in simple - histrionically, Apple refreshes have presented an an opportunity to buy the stock into the event.
The numbers speak for themselves - Apple's stock has historically outperformed by 1100 bp and 560 bp on a relative basis in the two-month and one-month period preceding iPhone announcements, respectively, according to Bernstein's Toni Sacconaghi.
Current expectations put the iPhone refresh about two-months away. In the two months prior to the iPhone 5S launch, Apple shares surged 18.7%. If Apple has the same performance this time around, shares could move to over $112.43 per share based on last night's close. This would be equal to $787 pre-split (7-for-1), easily surpassing the September 21, 2012 all-time high of $705.07 ($100.72 post-split).
Any way you slice it, it looks like Apple is on the fast track to $100 per share and then to new all-time highs.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- BOJ hike, Fed meeting, Nvidia conference, Bitcoin - what's moving markets
- Fed meeting, Apple/Google partnership, Nvidia - what's moving markets
- Apple in talks with Google to use generative AI in iPhones- Bloomberg
Create E-mail Alert Related Categories
Analyst Comments, Insiders' Blog, Momentum Movers, Trader TalkSign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!