GOLDMAN SACHS LOWERS ITS PRICE TARGET ON APPLE, STOCK FALLS
Apple’s stock is currently trading at 220.05-lower by 1.36% as compared to the previous closing price. In the pre-market trading session, the stock was trading lower by 1.26%. The stock has continued falling after the opening bell.
Investment bank Goldman Sachs lowered its 12-month price target on the tech giant’s stocks to $165 per share from $187 a share. The investment bank has a neutral rating on stocks of Apple. Goldman Sachs slashed their price target for the iPhone maker predicting a 26% downside to the stocks because of a material negative impact on earnings for the accounting method the tech giant will use for an Apple TV+ trial.
According to market sources, Goldman’s new price target is the lowest of the major Wall Street banks and the fifth of all analysts that cover the iPhone maker. Apple stocks have risen more than 40% so far in this year.
On the technical front, the RSI is currently at 62.97% and suggests that the market can move in the downward direction. The current price is above the MA5. The current price is above the middle line of the Bollinger Bands but is heading downwards.
TRADE SUGGESTION- LIMIT SELL AT 220.20 TAKE PROFIT AT 218.50 STOP LOSS AT 221.05