Apple Stock’s Surge Above Analyst Targets Point to Near-Term Pullback
- The stock has a lower percentage of buys than other megacaps
- Apple’s 14-day RSI is at most overbought since late 2021
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Apple Inc.’s surge this year has officially made the iPhone-maker the first company with a $3 trillion market value, but at least one metric is pointing to a pullback in the near-term.
Already the world’s largest stock, Apple’s 49% rally this year has pushed it to a fresh record, adding nearly $1 trillion in value. But, that rapid resurgence has driven its shares almost 3% above the average analyst price target, according to data compiled by Bloomberg.