BofA: Apple has the potential to trade in the $230s

BofA sees the potential for Apple to trade as high as $ 230, representing a potential upside of over 30%, even after significantly outperforming the S&P 500 during the rally from mid-June lows.

Stock chart

Matthew Fox for Business Insider:

The most valuable company in the world could soon see big gains if it continues to outperform the stock market overall.

This is according to Bank of America analyst Stephen Suttmeier, who said on a Wednesday note that Apple has a bullish technical setup that could send the stock over $ 230, representing a potential upside of more than 30% from current levels. .

Suttmeier’s favorable outlook on Apple is based on the stock hitting a new relative high when compared to the S&P 500. Apple’s relative outperformance versus the broader market has been impressive since its low on June 17, with Apple up by 31%, more than double the 15% gain of the S&P 500 …

[I]If Apple stock can break the December 2021 peak of around $ 183, Suttmeier expects a measured move price target of $ 230 for the iPhone maker.

MacDailyNews takes: Technician, technician.

Apple has the potential to trade well over $ 230. ICal it.

Buy and keep. Long AAPLs will be rewarded handsomely (as many have already done).

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