Wedbush Still Wedbullish on Apple Despite Tech Sector Trouncing
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04 MAY 2022 - Wedbush analyst Daniel Ives is out with a new note, letting people know what to hold and what to fold in these manic macro times. Guess which category Apple’s in. Apple 3.0 ran part of the note he wrote. Quoting part of the part:
The magnitude and velocity of the sell-off in tech names have surprised us this year as fears of a recession and no more easy Fed-driven money has caused multiples to fall off a cliff in tech stocks with so much pain inflicted on the bulls. As we have discussed, been there and done that; seeing so many times that tech names rolled over hard and the skeptics said the clock struck midnight for tech and it was time for the bulls to say goodnight. We could NOT disagree more as we remain steadfastly bullish on the tech sector during this market storm.
Not that everything is going to be fine. His note goes on to say:
We continue to view this bifurcated tech tape will be driven higher by software, semis, cyber security, and product-driven names (Apple) as part of this digital transformation, while the [Work from Home] poster children such as Netflix, Zoom, DocuSign, etc. will continue to see multiples compress as results soften off pandemic highs.
“…top picks in the tech sector remain Microsoft and Apple,” for Wedbush ’n’ Friends. Ives has an “Outperform” rating on Apple shares. His price target on the shares is $200.
