Apple Stock Looks Technically Overvalued but Fundamentals are Backing Gains

The world’s largest tech company has generated record top and bottom-line performance for the June quarter. Its third-quarter revenue was driven by robust services, wearable, and Mac performance. The iPhone revenue of $26.4bn topped analysts’ expectations of $22.20bn. The chief executive officer Tim Cook frequently touted the strong demand of the low-cost iPhone SE, claiming the new model is leading to a greater switcher rate compared to last year. The company also saw a strong momentum for iPhone 11. “Our June quarter performance was strong evidence of Apple’s ability to innovate and execute during challenging times,” said Luca Maestri, Apple’s chief financial officer. The company has generated third-quarter earnings per share growth of 18% compared to the past year period.

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sirajsarwar

Aug 6, 2020
· POSITION CLOSED

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AAPL

Apple Inc

148.79

-0.23
-0.16%
Current Price

Apple Stock Looks Technically Overvalued but Fundamentals are Backing Gains

bearish
The world’s largest tech company has generated record top and bottom-line performance for the June quarter. Its third-quarter revenue was driven by robust services, wearable, and Mac performance. The iPhone revenue of $26.4bn topped analysts’ expectations of $22.20bn. The chief executive officer Tim Cook frequently touted the strong demand of the low-cost iPhone SE, claiming the new model is leading to a greater switcher rate compared to last year. The company also saw a strong momentum for iPhone 11. “Our June quarter performance was strong evidence of Apple’s ability to innovate and execute during challenging times,” said Luca Maestri, Apple’s chief financial officer. The company has generated third-quarter earnings per share growth of 18% compared to the past year period.
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read-time
< 1 min

400.00

Target Price

7/ 10

Confidence

1-2 Months

Timeframe
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Earnings Release
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News
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SEC Filing
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