Source: Apple Stocks App 01.05.2022
The markets took a hit on Wednesday, as did Apple. Shares ended the day at $174.92 - down about eight-dollars from Monday’s all-time high of $182.94. Of course, Apple wasn’t alone. Google, Facebook, Microsoft, Twitter - they were all down on the day, prompting a question from Wedbush analyst Daniel Ives: “Is this the end of the tech party or is it a major buying opportunity during a white knuckle sell off?”
You’ll never guess his answer. Apple 3.0 ran part of the note posing the question. Answering his sell-off question, Ives says:
…the underlying growth in the tech sector (which is being underestimated by investors) is unparalleled to any period of time we have seen in the last 21 years covering the tech sector on the Street.
He and his have put together what they call the “Wedbush Tech Sell-Off Shopping List.” For large cap stocks, there are two: Apple and Microsoft. According to the note, he and his believe:
…a robust earnings season around the quarter for the tech sector with healthy guidance for 2022 will calm the nerves of investors in the near-term. We would use this sell-off as a buying opportunity to own the tech winners for the next 12 to 18 months.
Ives has a “Buy” rating on Microsoft and a price target of $375. He’s also got a “Buy” rating on Apple and a price target of $200.
