Ongoing downside risks for Apple stock
The title Apple (AAPL) has not escaped the recent resurgence of risk aversion in the markets. The Californian giant’s action fell more than 10% in one week, returning to test its low of the year at $130 from which it had rebounded in June.
Apple stock is not only impacted by the recent upsurge in risk aversion, enhanced by growing downside risks, but also by production and supply disruptions in China. Foxconn’s Zhengzhou factory, which has faced lockdowns, job abandonments and riots in recent weeks, lifted most restrictions on Dec. 16 that it had put in place to limit the spread of the virus. Nevertheless, the economic impact should be concrete on Apple’s results, which will be published at the end of January. Estimates assume a reduction from 4 to 5 million iPhones sold in Q4 to 70 million units while estimates for the full year 2023 have been revised to 235 million iPhones sold, which would correspond down 5% year-on-year.
The outlook therefore remains negative for the Apple stock, especially since the economic outlook is likely to continue to deteriorate in the coming months given the increasingly restrictive monetary policies around the world and the difficulties in China. to convert its economy.
Apple (AAPL) stock price daily chart – key levels
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