AAPL Stock News and Forecast: Apple struggles as rumours grow of iPhone 14 production pause
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UPGRADE- Apple stock ends positively on a volatile Tuesday.
- Reports surfaced of production pauses for lower-cost iPhone 14.
- Apple is due to report earnings on October 27.
Rumors of Apple's (AAPL) demise are circulating this week as increased social media chatter about iPhone demand causes volatility in the share price. Apple again saw this play out on Tuesday when the share price fell from $145 to $141 as another report said iPhone demand was weaker than expected. Eventually, the stock did recover and closed at $143.75 for a gain of 0.9% on Tuesday.
Apple (AAPL) stock news
It appears it was The Information that carried the first report that Apple has cut production of its iPhone 14 Plus model, citing two sources in Apple's supply chain. This is the lower-cost model of the new iPhone 14 range, which includes Pro and Pro Max models higher up the price chain. We will soon know how this will impact Apple as the firm announces results on October 27.
Recent data and waiting time for the higher priced models have led to Wall Street remaining optimistic. Credit Suisse said it expects continued strength in the higher-end model to help as it raised revenue and EPS estimates slightly by 1%. However, Credit Suisse did lower 2023 and 2024 estimates due to weakening consumer demand.
Earnings per share are expected to reach $1.27 and revenue is forecast at $88.83 billion.
Apple stock forecast
Apple remains at a key pivot now. The summer rally was almost completely retraced, but Apple failed to make a new low while many other stocks did – and so too did the Nasdaq and S&P 500. This is a small positive then. $148.49 is my key pivot level. Below there it seems likely that Apple will try and put in a new low below the June $129.04 print. However, if Apple can break $148.49, it can then stabilize in this zone up to $160. Right now the risk-reward is unclear as the trend is not clear from either the chart or fundamentals. On a long-term view, I remain bearish. The short-term view, for now, is hold with $148.49 my key pivot level.
Apple stock daily chart
- Apple stock ends positively on a volatile Tuesday.
- Reports surfaced of production pauses for lower-cost iPhone 14.
- Apple is due to report earnings on October 27.
Rumors of Apple's (AAPL) demise are circulating this week as increased social media chatter about iPhone demand causes volatility in the share price. Apple again saw this play out on Tuesday when the share price fell from $145 to $141 as another report said iPhone demand was weaker than expected. Eventually, the stock did recover and closed at $143.75 for a gain of 0.9% on Tuesday.
Apple (AAPL) stock news
It appears it was The Information that carried the first report that Apple has cut production of its iPhone 14 Plus model, citing two sources in Apple's supply chain. This is the lower-cost model of the new iPhone 14 range, which includes Pro and Pro Max models higher up the price chain. We will soon know how this will impact Apple as the firm announces results on October 27.
Recent data and waiting time for the higher priced models have led to Wall Street remaining optimistic. Credit Suisse said it expects continued strength in the higher-end model to help as it raised revenue and EPS estimates slightly by 1%. However, Credit Suisse did lower 2023 and 2024 estimates due to weakening consumer demand.
Earnings per share are expected to reach $1.27 and revenue is forecast at $88.83 billion.
Apple stock forecast
Apple remains at a key pivot now. The summer rally was almost completely retraced, but Apple failed to make a new low while many other stocks did – and so too did the Nasdaq and S&P 500. This is a small positive then. $148.49 is my key pivot level. Below there it seems likely that Apple will try and put in a new low below the June $129.04 print. However, if Apple can break $148.49, it can then stabilize in this zone up to $160. Right now the risk-reward is unclear as the trend is not clear from either the chart or fundamentals. On a long-term view, I remain bearish. The short-term view, for now, is hold with $148.49 my key pivot level.
Apple stock daily chart
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