AAPL shares have cleared the $195.77 level which was supported back in August 2024. The stock now looks to close a gap open at $221.42.
Apple earnings will be released after the US stock market closes on Thursday. Investors will be watching for clues on how shifting trade policies could impact the iPhone maker. Bank of America recently reiterated its “buy” rating, but lowered their price target to $240 from $250. The bank’s analysts noted “uncertainty in the economic outlook.” The analysts said that Apple could see some near-term upside “driven by some pull forward of demand” caused by tariff fears, but warned that demand could weaken with consumer strain.
Several analysts have warned the company could be hurt by a trade war with China, where Apple relies on overseas manufacturers for an estimated 90% of its products. To help mitigate some of that risk, Apple is reportedly planning to move the assembly of all iPhones it sells in the US to India by the end of 2026.
Analysts expect Apple to report second-quarter revenue of $94.66 billion, up 4% year-over-year, and net income of $24.45 billion, or $1.62 per share, up from $23.64 billion, from a year earlier.
Apple shipped millions of units of its iPhone to the United States ahead of the tariffs and that could boost the earnings outlook in the near-term. An upbeat assessment from management could boost the share price after some solid earnings from rival tech firms such as Meta and Microsoft.
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