AAPL is one of the US’s “Magnificent Seven” that hasn’t fired in 2024, with the stock actually lower year to date, having not participated in the US Tech Party. Apple shares fell last week after the company announced first-quarter earnings, which beat estimates on most key metrics, but the growth outlook was more muted than expected.
Quarterly revenue of $US119.58bn is quite staggering when you think about it, and that came in marginally ahead of consensus (~$US118bn), which dropped down to slightly better earnings per share (EPS) of $US2.18 (vs $US2.10) expected. However, a 13% drop in China sales weighed on the shares as momentum in this key market will have a big bearing on how quickly Apple can grow in the future.
- We can see AAPL correcting towards $US170 over the coming weeks – MM holds AAPL in our International Equities Portfolio, however we have trimmed out weighting back down to 5%.
MM is long and bullish towards AAPL
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