![]() ![]() Morgan Stanley lifted its price target to $69 from $54 a share, reflecting 21% upside from Tuesday's close ![]() "While STX has been challenged by inventory corrections at customers, COVID lockdowns in China, and weakening consumer demand, we believe now is the time to get more constructive, as we believe we're nearing an industry bottom and soon move to the early cycle period," Woodring wrote. The bank also upgraded shares of Seagate Technology to overweight from an equal-weight rating, saying that the company should see an early cycle recovery in the second half after moving past its inventory problems. The launch of the iPhone 15, in particular, and a potential hardware subscription offering later this year, could push the stock toward Morgan Stanley's bull case $235 target, he added. "We see Apple as a rare best-of-both worlds outperformer - a more defensive, quality name during challenging times, but an outperformer in the early cycle," wrote analyst Erik Woodring in a note to clients Wednesday.ĭespite concerns of slowing consumer electronics demand, Woodring said investors are undervaluing the strength of Apple's growing installed base and spend per user. Morgan Stanley is staying bullish on shares of Apple, viewing the iPhone maker as a beneficiary during both difficult and improving economic cycles. Lea la cobertura del mercado de hoy en español aquí. The Dow is still higher by 0.45% for the month, while the S&P and Nasdaq are still up by 2.33% and 4.69%, respectively. Investors had been enjoying strong upward momentum for stocks since the start of the year, although many had begun to doubt the market's strength even before Wednesday's slide. Economists surveyed by Dow Jones expected a 0.1% decline. The PPI showed a 0.5% decline for December. Investors also weighed the latest reading on the producer price index, which measures input costs from companies. The report suggested consumers are slowing their spending, with department stores reporting a 6.6% decline and online sales dropping 1.1%. In economic data, investors digested the latest retail sales numbers, which showed a drop of 1.1% in December, slightly more than the 1% forecast. The stock fell, contributing to the Dow's decline. Shares of regional banks like Zions and Fifth Third posted bigger losses.Įlsewhere, Microsoft announced plans to lay off about 10,000 employees, which hurt investor sentiment. Treasury yield slid to its lowest level since September. JPMorgan, Bank of America and Wells Fargo fell as the 10-year U.S. Personal Loans for 670 Credit Score or Lower Personal Loans for 580 Credit Score or Lower Best Debt Consolidation Loans for Bad Credit ![]()
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