2020-10-08 • Updated
The first highly anticipated presentation of new products in September was a little bit disappointing for Apple users, as it did not contain any information about the next generation of iPhone – iPhone 12. Finally, according to the official announcement, the grand event for Apple lovers will happen on October 13. Below we listed what you need to expect from the event and what can it mean for Apple’s stock, according to major analysts.
There is no doubt that the upcoming presentation will be devoted to the release of a new iPhone. We will see the largest and the smallest phone ever produced by the company this time. Let’s not forget about camera improvements and 5G’s implementation. Additionally to the widely known device, Apple is set to reveal “AirTags”, the accessory which tracks objects, such as keys, wallets, etc.
The announcement of new devices and the presentation itself usually make Apple’s stock volatile.
For example, on September 15, Apple’s stock jumped ahead of the “Time flies” event, but corrected lower. This time, the stock may surprise us, as the main Apple’s product jumps into the game.
For now, Apple’s stock is consolidating near the 50-day SMA. The support zone is placed between 112.3 and 110.8. The break below this level will trigger the fall towards the ascending trendline and the support at 106.5. On the upside, we may expect the jump above the 117 level ahead of the event. If buyers manage to keep the strength on additional announcements, reaching the 120 level is inevitable.
Many analysts keep holding the “buy” rating for Apple. The reason is obvious – it is a rapidly growing, ambitious company, which has been doing well during the COVID-19 pandemic. According to the latest forecasts, Cowen set the price target of Apple’s stock at $133 with the “outperform” rating. One of the highest targets is set by Wedbush – it’s $150 with the “buy“ rating. These reports confirm the fact that trading the Apple stock on the upcoming event is a great opportunity for buyers.
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