Company Overview: Apple Inc. (Apple) designs, manufactures and markets smartphones, personal computers, tablets, wearables and accessories and sells a range of related services.

As per our previous US American Technology report published on AAPL on 20^th December 2022, Kalkine provided a ‘Buy’ stance on the stock at USD 132.37 based on “improved gross margin, higher net margin, offering higher ROE, upside indicated by valuation and key risks associated’, and the stock price has now moved by ~13.94% since then and moved above R1 and hovering near R2 mentioned in the previous report.   

Noted below are the details of support and resistance levels provided in our previous report:

AAPL’s Daily Chart

AAPL’s Daily Price Chart. Source: REFINITIV, Analysis by Kalkine Group

AAPL stock has moved above R1 highlighted in the previous report and delivering decent return in short-term time frame since our coverage and trading near our target price highlighted in the report. However, rising cost of capital, inflationary pressure, supply chain bottlenecks could have an impact on the AAPL stock in short term. Hence, a ‘Sell’ rating is assigned to “AAPL” stock at the closing market price of USD 150.82 (as of February 02, 2023).  

Note: This report may be updated with details around fundamental and technical analysis, price/ chart in due course, as appropriate

Note 1: Past performance is not a reliable indicator of future performance.

Note 2: The reference date for all price data, currency, technical indicators, support, and resistance level is February 02, 2023. The reference data in this report has been partly sourced from REFINITIV.

Note 3: Investment decisions should be made depending on an individual's appetite for upside potential, risks, holding duration, and any previous holdings. An 'Exit' from the stock can be considered if the Target Price mentioned as per the Valuation and or the technical levels provided has been achieved and is subject to the factors discussed above.

Note 4: Target Price refers to a price level that the stock is expected to reach as per the relative valuation method and or technical analysis taking into consideration both short-term and long-term scenarios.

Note 5: ‘Kalkine reports are prepared based on the stock prices captured either from the New York Stock Exchange (NYSE), NASDAQ Capital Markets (NASDAQ), and or REFINITIV. Typically, all sources (NYSE, NASDAQ, or REFINITIV) may reflect stock prices with a delay which could be a lag of 15-20 minutes. There can be no assurance that future results or events will be consistent with the information provided in the report. The information is subject to change without any prior notice.’