Apple shares suffer worst month of 2019 so far


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This hasn't been a great few weeks for AAPL.
Photo: Ste Smith/Cult of Mac

Apple shares are having a rough time right now — but, don’t fear, investors simply think this is a great opportunity to invest.

Shares in AAPL are currently trading at $177.39. That’s down from a high of $211.75 at the start of May. It’s also way down from Apple’s all-time high of $233.47 in October. Unless things turn around in the next couple of days, that will mean Apple posting its worst month of 2019.

The decline in share price comes after Citi, UBS, Goldman Sachs, HSBC and Nomura all cut their price targets on Apple.

Much of this is related to things out of Apple’s hands, like the burgeoning trade war with China. As a company which does a lot of its manufacturing in China, Apple’s share price is very susceptible to fluctuating with trade concerns. This is one of the reasons AAPL crashed late last year, although it has since staged a partial recovery.

Hold the doom predictions

So why aren’t investors trotting out their doom predictions about Apple? Partly because some think that the bad news Apple faces is already priced into the stock. That means that it’s unlikely to fall much below its current level, and could well rise as other investors realize this.

“We do like Apple under 180 bucks as a long term investment,” Strategic Wealth Partners’ Mark Tepper told CNBC’s “Trading Nation.” “Their deal with Qualcomm ensures they’re going to have that 5G phone next year, and we like their transition to more of the high-margin recurring revenue services businesses. So I would say at this price we like it.”

As recently as earlier this month, Apple was reported as having recaptured its $1 trillion market cap. Ultimately, this proved incorrect: the result of confusion over how many outstanding shares Apple has. According to Yahoo Finance, Apple’s current market cap stands around $819.199 billion.

Do you have any Apple shares? What are your thoughts on Apple as a long-term investment? Let us know your thoughts in the comments below.

Source: CNBC