Apple Inc. AAPL, often considered an all-weather stock, was not immune to the tech-induced rout seen this year.
What Happened: Apple’s stock peaked at $182.94 at the start of the year (Jan. 4 intraday high), thanks to strong uptake of the new iPhone 14 iterations, especially the high-margin Pro models. Since then, it has been tossed and turned by the macroeconomic vagaries and the COVID-19 recurrences in China.
See Also: How to Buy Apple (AAPL) Stock
Apple’s production base is heavily concentrated in China. The company apparently was not hit by the March-April COVID-19 wave, which incidentally impacted Tesla Inc. TSLA and other homegrown electric vehicle makers.
In early November, Apple issued a statement that COVID-19 restrictions have temporarily impacted its supplier Hon Hai Precision Manufacturing Company Limited’s HNHPF main iPhone assembly plant in Zhengzhou. Daniel Ives from Wedbush pitched the iPhone unit shortfall for the holiday quarter at 10-15 million units.
After a broad consolidation move between $150 and $180 till mid-May, Apple’s stock dropped below the lower bound and hurtled toward a low of $129.04 in mid-June. The recovery that followed took it to a peak of $176.15 in mid-August. Thereafter, it has been on a broader downtrend.
Chart via Benzinga Pro
Returns From Apple Stock: Apple shares fell to a fresh 52-week low of $125.87 on Wednesday, the lowest since the June 7, 2021, intraday low of $124.83. On Thursday, the stock rebounded by 2.83% before closing at $129.61, according to Benzinga Pro data.
A $1,000 invested at Thursday’s closing price of $129.61 would fetch 7.7 Apple shares. If the stock charts another uptrend, as fundamentals improve and the broader market sentiment takes a turn for the better, there is all likelihood of it retesting its all-time high of $182.94. At that price point, the 7.7 stock holding would be worth $1,412, a return of 41%.
The average analysts’ price target for Apple stock is $179.10, according to TipRanks, is $179.10, suggesting a 38% upside from current levels.
Read Next: 3 Catalysts For Apple Stock In 2023 — First ‘Major New Product’ Launch In 8 Years?
