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Apple Inc.’s stock is currently trading at 262.69-higher by 0.28% as compared to the previous closing price. In the pre-market trading session, the stock was trading lower by 0.26%. The stock has pared all of its earlier losses and turned positive after the opening bell.
Investment bank RBC Capital Markets started coverage of IPhone-maker’s stock with an outperform rating and a $295 a share price target. The investment bank’s price target represents around 13% upside from its previous closing price of $261.96. RBC said the IPhone-maker has avenues for deeper integration into its customers’ lives. The investment bank is also bullish on Apple’s balance sheet which gives it the strength to return significant cash flow to shareholders. The IPhone maker’s stock has advanced more than 5% so far this month.
On the technical front, the RSI is currently at 79.64% and suggests that the market can continue trading sideways. The current price is above the MA5. The current price is above the middle line of the Bollinger Bands and is heading upwards.
TRADE SUGGESTION- LIMIT BUY AT 262.33 TAKE PROFIT AT 263.73 STOP LOSS AT 261.63