Apple was removed from Goldman Sachs’ list of top stocks on Friday after a turbulent week. Goldman’s Conviction List focuses on stocks that analysts expect will deliver high returns.
Goldman traded Apple and pharmaceutical companies Merck and Vertex for biotech giant Amgen, crushed rock manufacturer Vulcan Materials and software company Monday.com.
Apple’s stock price fell as much as 2% in response to the snub, and its market capitalization trailed Microsoft’s by $314 billion in Friday trading.it is Microsoft’s biggest gain against Apple since 2003according to Dow Jones market data reviewed by MarketWatch.
Apple has had a tough start to 2024. Even after first-quarter sales (ending Dec. 31) exceeded analysts’ expectations. The tech giant’s stock price fell as concerns emerged that it was losing ground in China.and demand for its Vision Pro mixed reality headset and iPhone 15 will not be sustained.
apple Electric car project canceled Same thing this week Chinese rival Huawei leads the way. At the same time, some Vision Pro customers Report confusion using Apple’s spatial computing headset and returned them. More customers returned their fine woven iPhone 15 cases. Amazon also puts warning labels on its products..
Apple stock has fallen about 7% since the beginning of the year.
Meanwhile, some of the so-called “Magnificent 7” technology rivals are thriving. Microsoft, NvidiaMeta continues its strong stock price rise from last year, and Amazon is up 17% since the beginning of the year.
apple, teslaAlphabet, on the other hand, is struggling.
Notably, Goldman Sachs still rates Apple stock a Buy, with a price target of $223 to $232 (much higher than the current price of $179 per share). It has even been raised to
“The market’s focus on slowing product revenue growth has masked the strength of Apple’s ecosystem,” said Goldman’s Mike Ng, adding that the company’s new product innovations and service offerings have been overshadowed by the market’s focus on slowing product revenue growth. Growth is “better than ever,” he said. [offset] It’s a cyclical headwind. ” Among the service contents are: Apple recently introduced a dedicated sports app.
