Nasdaq AAPL Apple

Looking at units outstanding versus one week prior within the universe of ETFs covered at ETF Channel, the biggest outflow was seen in the iShares S&P 500 Growth ETF, where 35,200,000 units were destroyed, or a 6.8% decrease week over week. Among the largest underlying com

The S&P 500 hit a record high on Tuesday as conviction in the U.S. economy helped investors shrug off concerns over Omicron-driven travel disruptions and store closures, following a four-day rally for U.S. stocks amid thin trading volumes.

Stock Market Today Mid-Morning UpdatesOn Tuesday, the Dow Jones Industrial Average was up by 100 points. Tesla stock continues to climb as well, as it looks to top an early buy point. Furthermore, the S&P 500 opened to another record high today. This is the second consecutive

Apple (AAPL) stock has been leading the broader S&P 500 higher over the past several weeks, up 13% over the past month alone. Undoubtedly, Apple has enjoyed some considerable multiple expansion, even after pulling back the curtain on quarterly earnings that failed to impress.

Indeed, it's not just about iPhone sales or short-term supply chain woes anymore. Apple has been harshly criticized for its lack of innovation in the past. Still, the Apple we know and love is still one of the most innovative companies out there, even if many of its recent innovations (think AirPods and the Apple Watch) didn't make as much noise upon launch.

Such innovations were eventually widely embraced and shamelessly copied by many other hardware firms following Apple's lead. As Apple leads the charge into the metaverse and other technological shifts, I remain bullish on the stock.

Apple Poised to Unleash a Wave of Innovation

Innovation tends to come in waves, at least over at Apple.

Undoubtedly, it's been such a long time since a truly game-changing product was unveiled by Apple. With sights focused on AR, VR, MR (Mixed Reality) and the future of the metaverse, investors appear to be bracing themselves for the launch of what could be Apple's most innovative product in years, if not decades.

According to experts, a pair of mixed-reality goggles could land in the latter half of 2022. Even if COVID supply chain issues push the launch into 2023, there's a lot to get excited about, as Apple looks to make a move beyond the iPhone to change the world forever.

Apple recently acquired a top AR public relations head from Meta Platforms (FB), reinforcing the numerous predictions that an Apple mixed-reality headset will land on schedule.

Meta and Apple Poised to Clash Once Next-Generation Headsets Arrive

Meta's Oculus VR headset was a hot seller this holiday season. The Oculus VR app was the most popular app on Apple's App Store during the Christmas season. Indeed, the interest in virtual reality and the metaverse is beginning to pick up traction, though experiences with more affordable VR headsets can still be nauseating for many.

Meta is hard at work on its more advanced Project Cambria headset, while Apple continues work on its first offering. Whether such devices solve issues holding back today's line-up of headsets remains to be seen. Regardless, the stage is set for a very interesting next few years, as Apple and Meta clash for the digital worlds of the future.

Can Apple Stock's Momentum Continue in 2022?

It's not a mystery as to why Apple stock is back at all-time highs, with a multiple that continues to swell (currently just north of 32 times trailing earnings).

There's a lot to get excited about in 2022, as it could hold one of its most exciting keynotes since the days of Steve Jobs. Although a mixed-reality headset reveal is partially baked in here, I think investors are underestimating the material impact of Apple's coming headset or goggles. The device could easily fuel the stock's push above the nearly $3 trillion market cap mark in a matter of weeks.

Further, the Apple Car, next-generation services, and a continued health push are brewing in Apple's secretive product pipeline.

Put simply, we could see the most innovative Apple ever over the next five years. For that reason, the stock deserves to trade at the higher end of its historical valuation range.

If anything, AAPL stock may be worth a multiple higher than 30 times earnings, given new innovations and game-changing products could power an unfathomable level of growth that many analysts may have yet to factor into their financial models.

Wall Street's Take

According to TipRanks’ consensus analyst rating, AAPL stock comes in as a Strong Buy. Out of 26 analyst ratings, there are 21 Buy recommendations, 4 Hold recommendations, and 1 Sell recommendation.

As for price targets, the average Apple price target is $175.28, implying a downside of 2.31%. Analyst price targets range from a low of $90.00 per share to a high of $210.00 per share.

The Bottom Line on Apple Stock

It's tough to gauge just how much of a sales boost coming innovations will give Apple.

Regardless, investors would be wise to hold the stock, even as its valuation grows lofty from a historical standpoint. Indeed, unfathomable growth prospects could accompany a much higher multiple.

Disclosure: Joey Frenette owned shares of Apple at the time of publication.

Disclaimer: The information contained in this article represents the views and opinion of the writer only, and not the views or opinion of TipRanks or its affiliates  Read full disclaimer >

The S&P 500 hovered around record highs on Tuesday as conviction in the U.S. economy helped investors shrug off concerns over Omicron-driven travel disruptions and store closures, and extended Wall Street's four-day rally amid thin trading volumes.

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According to a report published by Reuters, Apple, Inc. (NASDAQ:AAPL) has disallowed indoor shopping at all its stores in New York City, following a rise in Omicron cases.

People can place orders online and pick them up from the stores in the city, including the outlets at Fifth Avenue, Grand Central and SoHo.

The company said, “We regularly monitor conditions and we will adjust both our health measures and store services to support the wellbeing of customers and employees.”

Earlier in December, Apple had temporarily shut three stores in Canada and the U.S. after the stores' employees were exposed due to a rise in COVID-19 cases.

Meanwhile, the company’s shares closed 2.3% up on Monday. However, in the after-hours trading session, the stock lost 0.3% to end the day at $179.80.

Wall Street’s Take

Last week, Citigroup (C) analyst Jim Suva maintained a Buy rating on the stock and raised the price target to $200 from $170 (11% upside potential).

In a research note, the analyst said, “Apple shares will continue to benefit from the company’s aggressive posture on returning cash to holders via dividends and especially stock repurchases.”

Overall, the stock has a Strong Buy consensus rating based on 21 Buys, 4 Holds and 1 Sell. The average Apple stock forecast of $175.28 implies 2.8% downside potential. Shares have gained 34.5% over the past year.

Website Traffic

TipRanks’ Website Traffic Tool, which uses data from SEMrush Holdings (SEMR), the world’s biggest website usage monitoring service, offers insight into Apple’s performance.

According to the tool, compared to the previous year, Apple’s website traffic registered a 19.3% decline in global visits in November. However, the website traffic has increased nearly 14% year-to-date against the same period last year.

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