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Why Apple Inc (NASDAQ:AAPL) Stock Has More Upside

Apple Inc NASDAQ:AAPL

Although Apple Inc. (NASDAQ:AAPL) stock has been hovering between $120 and $132 for months, and recently slowly climbed to just over $128 per share, many analysts say there is still room for Apple stock to grow upwards of $150 per share. Investors have had their eye on their Worldwide Developers Conference in San Francisco this week to see what Apple would unveil when its stock took a small dive on Monday and Tuesday.

Apple Inc. NASDAQ:AAPL

Before the news broke of this, however, Rich Ross of Evercore ISI was already backing Apple by stating he believes their stock can climb by $20 to $26 a share- reaching a total of $156 per share. Ross stated ‘there is no bigger rock than Apple’ and ‘I am still a buyer of this stock here. When we look at that chart, we are going to keep it simple. You see the stock has held that 100-day moving average. That’s your key line of support, defining that uptrend.’ Ross also continued on to say that although we have been in a ‘bullish continuation pattern’ for the last five months, we should continue ‘to the upside from this pattern’. Ross believes these reasons make Apple a stock worth investing in.

After the WWDC conference showed a drop in Apple Stock, Todd Gordon, a technical analyst and founder of TradingAnalysis.com, said the Apple stock chart is ‘a strong chart’ and he expects ‘Apple to hold an uptrend support line between $120 and $124’. Also, he recalls in late 2013 and early 2014 when Apple stock traded between $72 and $84 for 97 days and then during the subsequent 12 months the stock increased by over 55%. He expects the current Apple stock to follow this trend and increase by similar numbers.

History has proven that Apple stock has always increased in the one and three month periods after stock prices were bound in a tight trading range of 10% since 2009. In fact, according to Bespoke Investment Group, whenever Apple found itself in a similar situation and stock prices are stuck at length in a sideways trading range, that ‘like a spring – the stock coming out of a tight box can make some big moves.’ Be prepared for big moves and prices to not just increase, but Wall Street analyst’s, including UBS analyst Steven Milunovich, to reach a price of $150 per share.

One should know that since 2008, Apple stock has fallen on average of 1.3% on the day following their Worldwide Developers Conference, according to Walt Piecyk of BITG. In the months before the conference, on average the stock has increased by 3.5%. As they unveil what they hope to produce, innovate and improve upon each year, investors alike are interested in their every move. So much so that stock prices dropped as soon as CEO Tim Cook began speaking at this year’s conference. However, stock prices have now since rallied and continue to climb today. All in all, Apple stock has been consistent and year-to-date is up 15% as well as over the past 12 months, stock prices are up 36%.

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    Adam Green is an experienced writer and fintech enthusiast. He he worked with LearnBonds.com since 2019 and covers a range of areas including: personal finance, savings, bonds and taxes.

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