Bernstein upgraded shares of Apple on Monday, saying they had fallen too far on fears of sluggish iPhone 15 sales and overall weak revenue in China.
The firm, which has been on the sidelines for Apple with just a market perform rating for more than two years, advised investors to "be like Buffett" and scoop up the shares while they are cheap. "Despite his reputation as a long term buy and hold investor, Warren Buffett has been remarkably disciplined at adding to his Apple position when it is relatively cheap and trimming when it is relatively expensive," analyst Toni Sacconaghi wrote in a note.
mountain Apple, YTD Bernstein notes that following this year's losses, Apple is trading at a price-earnings ratio of 26.4 based on its 2024 earnings estimate and just 22.9 times its 2025 estimate. Bernstein displayed a table in the note to clients that shows Buffett tends to trim the shares when its price-earnings ratio gets above 30 and he buys more during quarters when the valuation is around the current range.
Markets Breaking News: Markets Iphone Apple Inc Warren Buffett Entertainment China Business News
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Apple apps reporting outages: What you need to knowThe impacted apps included the App Store, Apple TV, Apple TV+ and Apple Music.
Read more »
Monday's analyst calls: Apple gets a big upgrade, headwinds seen for Lululemon and TeslaMonday's analyst calls included an upgrade to Apple and a move in the opposite direction for athleisure giant Lulu Lemon and electric car marker Tesla.
Read more »
Here are Monday's biggest analyst calls: Apple, Nvidia, Tesla, Meta, Amazon, Microsoft, Spotify, Ferrari & moreHere are Monday's biggest calls on Wall Street.
Read more »
Monday's analyst calls: Amazon a top pick into earnings, Apple price target cutMonday's calls included a price target cut for one of the biggest tech companies and Goldman Sachs getting bullish on an e-commerce giant ahead of earnings.
Read more »
Suspects arrested in organized theft spree of Apple products at Valley Fair mall MondayThe three suspects were found outside Valley Fair mall with $13,000 in stolen Apple products.
Read more »
Apple could be working on tech to make the next Apple Watch thinnerIzzy, a tech enthusiast and a key part of the PhoneArena team, specializes in delivering the latest mobile tech news and finding the best tech deals. Her interests extend to cybersecurity, phone design innovations, and camera capabilities.
Read more »