Apple stock has been creeping higher recently as the consumer electronics giant prepares to unveil its fall product lineup, including the iPhone 17 family of smartphones.
On Aug. 8, Apple stock cleared its 200-day moving average line for the first time since March 10. Earlier that week, it rose above its 50-day line. Those moves occurred after President Donald Trump signaled that Apple would be exempt from most tariffs due to its U.S. manufacturing investments.
On the stock market today, Apple stock dipped 0.3% to close at 230.89. Apple stock is in a 33-week consolidation pattern with a buy point of 260.10, according to IBD MarketSurge charts.
One overhang on Apple stock is a pending federal court ruling that could derail its lucrative deal with Alphabet's Google to be the default search engine on the iPhone. A ruling on remedies in the U.S. government's antitrust case against Google's search business is expected by the end of August.
The next potential positive catalyst for Apple stock is likely its iPhone 17 launch event, rumored for Sept. 9. The new handsets could be available for preorder on Sept. 12 and in stores on Sept. 19.
Analysts expect Apple to introduce a superthin smartphone, possibly called the iPhone Air, along with iterative hardware changes to its standard and Pro handsets. The new handsets will feature slightly improved processors, cameras, displays and other components.
Samsung recently created a buzz with its latest folding, big-screen Galaxy smartphones. Google is expected to show folding Pixel smartphones in a product launch on Wednesday. Analysts don't expect Apple to come out with a folding iPhone until late 2026.
Apple Stock Concerns
A big concern with Apple stock is how the company will address the artificial intelligence megatrend. It has postponed the launch of an AI-powered Siri digital assistant until next year along with other Apple Intelligence features.
Some analysts are starting to wonder if folding handsets and AI smartphones from rivals will get Apple's user base to switch to Android handsets.
"Luckily for Apple, its iPhone base doesn't seem to care about the Siri/AI delays, and we see no evidence of real switching," Melius Research analyst Ben Reitzes said in a client note Aug. 8. He rates Apple stock as buy with a price target of 260.
Apple is planning bigger product launches for 2026, according to news reports. In addition to a folding iPhone, new products next year could include the company's first smart glasses as well as AI-enabled AirPods, Apple Watch models and a rumored smart home hub.
Warren Buffett Cuts Apple Stake
KeyBanc Capital Markets analyst Brandon Nispel reiterated his sector weight, or neutral, rating on Apple stock in a client note Thursday. He said the stock remains expensive relative to growth expectations and risks around the Google antitrust case and Apple's lack of AI innovations so far.
"While the stock is making up for year-to-date underperformance given recent stronger trends and growing excitement around AI, we're concerned expectations are far too high," Nispel said.
Morgan Stanley analyst Erik Woodring said Apple could needs an AI partnership.
"In our view, Apple is one potential AI partnership away from breaking out," Woodring said in a note Thursday. He rates Apple stock as overweight, or buy, with a price target of 240.
On Thursday, Warren Buffett's Berkshire Hathaway disclosed that it trimmed its still-hefty Apple stake.
Buffett cut his Apple stake to 280 million shares at the end of the second quarter from 300 million at the end of the first quarter. That's down by more than two-thirds since the third quarter of 2023.
Follow Patrick Seitz on X at @IBD_PSeitz for more stories on consumer technology, software and semiconductor stocks.
