Motley Fool
Why Apple Stock Was Climbing Today
Shares of Apple (NASDAQ: AAPL) were moving higher today after two analysts reiterated buy ratings on the FAANG stock with one noting that Apple seems likely to beat its own vague guidance due to the weakening dollar. In a note this morning, UBS analyst David Vogt maintained his buy rating and a price target of $180 on the stock, noting that his earlier decision to lower his estimates on supply chain issues didn’t account for the weakening dollar, especially against currencies in Apple’s top foreign markets like Europe, the U.K., China, and Japan. On its fiscal fourth-quarter earnings call, Apple had guided for a 10 percentage-point headwind in foreign currency, but Vogt believes the actual headwind will be four to five percentage points less than that.
