Apple Down 4.8% VP of Procurement Leaves The Company


Apple stock was under pressure for the second consecutive trading session as the sell-off in stocks accelerated across the board. S&P 500 is 2.16% lower at 3,639, Nasdaq is 2.84% lower at 11,168 and Dow Jones is 1.58% lower at 29,230. All the indices are now at a fresh 2022 low.

Bank of America analyst Wamsi Mohan downgraded the Apple stock to a Neutral from Buy and cut the price target from $185 to $160, on macroeconomic challenges and lowered the FY23 estimates. The analyst now expects the earnings at $5.87 pe share on $379 billion revenue in 2023.

On the other hand, Rosenblatt upgraded Apple (AAPL) from Neutral to Buy and raised the price target from $160 to $189.

David Vogt UBS analyst reiterated a Buy rating for AAPL and set the price target at $185. The analysts argue that demand remains strong for the high-end iPhone models

In other news, Tony Blevins, the vice president of procurement, has left Apple after a TikTok video showed him making jokes about women at a TV show.

Apple Technical Analysis

Technical analysis suggests that the stock is in bearish territory after it breached below the 50-day moving average three days ago. That was the third time the stock broke below the strong support. The first break was on September 15 and the second one on September 22, in both cases the stock managed to return above the 50-day moving average, let’s see if Apple manages to absorb again this selling tsunami.

Now the strong support at $151.62 has turned into resistance and only a break above would give the bulls a breath. The next level to watch on the upside is the top from September 21 at $158.74. Bulls will take control if the price breaks above the 100 and 200-day MA at $160.

On the downside, initial support stands at $140.68 the daily low. More buyers might emerge at 137.24 the low from July 5th.

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