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Apple’s stock is currently trading at 277.76-lower by 2.66% as compared to the previous closing price. In the pre-market trading session, the stock was trading lower by 2.84%. The stock has pared some of its earlier losses after the opening bell.
Investment bank Bank of America lowered its price target on the tech giant’s stocks to $320 per share from $350 a share. The investment bank cut its price target for Apple, as it lowers earnings estimates for the tech-giant. Bank of America forecasts supply constraints for the iPhone-maker to last until April or May due to corona-virus related labor shortages. BofA also predicts a possible delay in the launch of a 5G iPhone. The investment bank now assumes zero units of iPhone SE2 for the March quarter.
The iPhone maker stated on Monday that work has resumed in China but they are experiencing a lower return to normal conditions than previously estimated. The company generates about 15% of its revenue from China. Apple stocks have fallen about 5% Year-to-date.
On the technical front, the RSI is currently at 41.7% and suggests that the market can move in the downward direction. The current price is below the MA5. The current price is below the middle line of the Bollinger Bands and is heading downwards.
TRADE SUGGESTION- LIMIT SELL AT 279.00 TAKE PROFIT AT 273.00 STOP LOSS AT 282.00