Roughly a month after shares crashed in response to a bearish note from Goldman Sachs, Apple Inc. AAPL 0.05% is on track to close at its highest level since so-called “tech wreck Friday” after five consecutive daily gains.
Back on June 9, Goldman Sachs analyst Robert Boroujerdi said he sees a “valuation air pocket” in the market driven by what he calls the five FAAMG stocks: Facebook Inc FB 0.06%, Amazon.com, Inc AMZN 0.29%, Apple, Microsoft Corporation MSFT 0.58% and Alphabet Inc GOOG 0.49%GOOGL 0.17%.
Boroujerdi’s comparisons between the performances of the FAAMG stocks and the high-flyers of the Dot Com Bubble certainly struck a chord with investors, and Apple’s stock plummeted from above $155 to as low as $142.51 within two days. Since that time, Apple has traded mostly sideways between $142 and $148.
In that time, good news for Apple investors has been hard to come by. On June 12, Mizuho downgraded the stock from Buy to Neutral and dropped its price target from $160 to $150.
On Wednesday, Bank of America reported that the highly-anticipated iPhone 8 may be delayed by at least three weeks after analysts met with suppliers in Asia.
However, the recent bullish momentum in the stock may be a sign that investors have short memories when it comes to Apple. With the stock back above the $148 level, it has…
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