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AAPL, META, and TSLA Stocks: What’s Ahead After August Correction?

3 years 1 month ago
After a strong rally in the first seven months of 2023, shares of Apple ( NASDAQ:AAPL ), Meta Platforms ( NASDAQ:META ), and Tesla ( NASDAQ:TSLA ) cooled a bit in August. Apple stock fell about 9% month-to-date, while Meta and Tesla stocks decreased by 10.4% and 10.9%, respectively, during the same period. Despite the pullback, analysts are optimistic about Meta and Apple stock. However, analysts remain sidelined on Tesla stock.  Against this backdrop, let’s delve into these mega-cap stocks.  What is the Apple Stock Forecast? The recent weakness in Apple stock followed its  third-quarter financial results. Although its  earnings came ahead of the Street’s forecast, the decrease in iPhone, iPad, and Mac sales irked investors. The solid momentum in its Services revenue and a growing installed base provide a solid platform for long-term growth, notwithstanding the possibility that macro uncertainty may continue to pose challenges. Further,  Citi analyst Atif Malik sees the launch of the iPhone 15 as a catalyst for Apple stock. The analyst reiterated a Buy on AAPL stock on August 16. In addition, his price target of $240 implies 34.37% upside potential from current levels.  Overall, Wall Street is cautiously optimistic about  Apple stock. It has received 22 Buy and eight Hold recommendations for a Moderate Buy consensus rating. At the same time, analysts’ average price target of $208.13 implies 16.53% upside potential from current levels. Is Meta Stock Expected to Rise? While there are no company-specific reasons for the recent pullback, profit booking after the solid rally in Meta stock may be to blame. Despite the current decline, Meta stock is still up about 137% year-to-date. Nonetheless, analysts see a significant upside in Meta stock from current levels.  The company’s  focus on cost reduction and improving its advertising backdrop keeps analysts bullish on Meta stock. On August 21, Wedbush analyst Scott Devitt initiated coverage of Meta stock with a Buy and a price target of $350, implying 22.59% upside potential.  The analyst expects Meta to gain from the recovery in digital advertising, which will drive its revenue and  earnings. Moreover, improving efficiency will cushion its margins.  With 40 out of 42 analysts recommending a Buy on  Meta stock, it sports a Strong Buy consensus rating. Analysts’ average 12-month price target of $377.27 shows 32.14% upside potential.  Is Tesla Stock Expected to Rise? Tesla stock has made a significant recovery so far this year. However, the pressure on margins due to continued price reductions has led to a pullback in its stock. Tesla CEO  Elon Musk is pushing for volumes and sacrificing margins in the short term amid growing competition. Further, the company has  rolled out cheaper versions of its Model S and Model X. Analysts remain on the sidelines given the near-term concerns around margins and competition.  It has received 11 Buys, 13 Holds, and five Sell recommendations for a Hold consensus rating. Further, the  average TSLA stock price target of $254.21 implies a slight upside potential 6.55% from current levels. The Bottom Line Apple, Meta, and Tesla stocks are undoubtedly solid long-term picks. Nevertheless, analysts favor Meta over AAPL and TSLA at their current levels and see significant upside potential.  Disclosure
TipRanks

Good News for Tesla Stock Investors

3 years 1 month ago
In this week's video, I cover need-to-know news items related to Tesla (NASDAQ: TSLA) during the week of Aug. 21. Today's video will focus on Tesla's sales numbers in China, a clearer path for Tesla in India, more looks at the Model 3 refresh and Cybertruck, and a look at Tesla s
The Motley Fool

This Week in ETFs: Summer Doldrums Ending?

3 years 1 month ago
This week saw a total of 17 ETF launches, a major rebound from last week when only six funds debuted and a reversal of the summer trend of fewer launches. ETF closures continued their march forward, with several completing during the week and another handful announced. Among the funds launching this week were offerings from [...] Read more at ETFtrends.com.
ETF Trends

Why Blink Charging Shares Tumbled This Week

3 years 1 month ago
What happened Blink Charging (NASDAQ: BLNK) had two big press releases this week, and they both are going to help the business grow. But investors aren't buying. In fact, Blink shares have plunged this week, down about 13.4% as of early Friday afternoon, according to data provide
The Motley Fool

Friday's ETF with Unusual Volume: FEX

3 years 1 month ago
The First Trust Large Cap Core AlphaDEX Fund ETF is seeing unusually high volume in afternoon trading Friday, with over 107,000 shares traded versus three month average volume of about 38,000. Shares of FEX were up about 0.3% on the day.
BNK Invest

Validea Detailed Fundamental Analysis - TSLA

3 years 1 month ago
Below is Validea's guru fundamental report for TESLA INC (TSLA). Of the 22 guru strategies we follow, TSLA rates highest using our P/B Growth Investor model based on the published strategy of Partha Mohanram. This growth model looks for low book-to-market stocks that exhibit cha
Validea

Some Overlooked Names Are Supporting QQQ

3 years 1 month ago
When investors think of the stocks propelling the Invesco QQQ Trust (QQQ) and the Invesco NASDAQ 100 ETF (QQQM), they usually think of Apple (NASDAQ: AAPL), Microsoft (NASDAQ: MSFT), and Nvidia (NASDAQ: NVDA), among others. That trio and several other marquee consumer-tech names are propelling the Invesco ETFs this year. But in recent months, some [...] Read more at ETFtrends.com.
ETF Trends
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