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Apple’s stock is currently trading at 347.55-lower by 1.50% as compared to the previous closing price. In the pre-market trading session, the stock was trading lower by 1.62%. The stock has cut some of its earlier losses after the opening bell.
Financial services company Bank of America raised its price target on the iPhone maker’s stocks to $390 per share from $340 per share. The financial services company, however, reiterated a buy rating on stocks of Apple. Bank of America’s price target represents an upside of 10% from the stock’s previous closing price.
The financial services company raised the price target of Apple due to a number of factors including the upcoming 5G iPhone cycle and projected 20% rise in hardware sales in 2021. The iPhone maker’s share touched an all-time high of $354.77 on Wednesday. Bank of America also said that stocks of Apple deserve a higher multiple due to the stability of the iPhone maker’s cash flow. Stocks of Apple have rallied around 19% so far in 2020.
On the technical front, the RSI is currently at 74.56% and suggests that the market can move in the downward direction. The current price is above the MA5. The current price is above the middle line of the Bollinger Bands but is heading downwards.
Overall Bias is Negative and short-term trades can be initiated with below mentioned Stop Loss and Profit targets.
TRADE SUGGESTION- LIMIT SELL AT 348.50 TAKE PROFIT AT 344.50 STOP LOSS AT 350.50