Bernstein says wait for this price to buy Apple shares ahead of upcoming iPhone launch
A shopper walks past an ad for Apple’s iPhone 12 outside a store in Hong Kong on May 24, 2021.
Budrul Chukrut | SOPA Images | LightRocket | Getty Images
The struggles for Apple‘s stock in 2021 have set the stage for a boost from the new iPhone, but investors should wait for a lower price before jumping in, according to investment firm Bernstein.
Apple typically unveils its new iPhone models in the fall, and the stock has historically risen into that event, according to the firm. Shares retreated slightly this year and finished last week at just above $130 apiece.
Bernstein’s Toni Sacconaghi, who has a market perform rating on the stock, said in a note to clients on Monday that the underperformance makes Apple more tempting but the price still isn’t quite right.