Apple Stock Gets Bull Notes Before Earnings

Call options traders have been circling the FAANG name

by Emma Duncan

Published on Apr 24, 2019 at 11:13 AM

Shares of Apple Inc. (NASDAQ:AAPL) are up 0.2% at $207.92, after the tech giant received price-target hikes from analysts. The bull notes come just ahead of the company's earnings report, which is slated for after the market closes next Tuesday, April 30. 

Late last night, Morgan Stanley raised its outlook, hiking its price target to $234 from $220. Meanwhile, Goldman Sachs lifted its target to $182 from $140, but kept its "neutral" rating, expecting weak iPhone sales later in the year. Fourteen of 26 covering firms sport "buy" or better ratings on AAPL, with its average 12-month price target coming in at $199.27.

Apple stock has been a favorite of call options traders, with data from the International Securities Exchange (ISE), Chicago Board Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX) showing a 10-day call/put volume ratio of 2.01, ranking in the 76th annual percentile. In other words, two calls have been purchased for every put during the past two weeks of trading.

On the charts AAPL has been climbing higher, the shares now just shy of the $210 level for the first time since mid-November. What's more, the security is now up 31% year-to-date, with recent support stemming from the 20-day moving average.

a schaeffer's exclusive


Heat up your summer trading with this FREE insider report!



NEW! Explore Schaeffer’s Partners' deals and get connected to top online brokerages with deals tailored exclusively for our readers.  Get answers to your questions regarding transfer fees, commission rates, programs and available discounts related to online trading services.

MORE | MARKETstories

How the "Deep State" Could Threaten American Democracy
The "Deep State" powers at work could threaten the very backbone of American democracy.
IPO Recap: Chewy Surges, Revolve Pushes Higher
A quick look at recent IPO news and moves
Options Traders are Going Wild for These 2 Stocks
Ashford Hospitality is eyeing its worst day in nearly eight years
Become a Master of Moving Averages
How you can transform lagging indicators into leading indicators.