Apple stock hit a buy point on Thursday after the consumer electronics giant posted a blowout March-quarter earnings report. But Apple‘s (AAPL) cautious guidance for the June quarter dampened investor enthusiasm.
In morning trading on the stock market today, Apple stock attempted to break out of a cup-with-handle base at a buy point of 135.63, according to IBD MarketSmith charts. It climbed as much as 2.6% to 137.07 before retreating. In recent trades, Apple stock was up 0.4%, near 134.20.
On a weekly chart, Apple has formed a cup base with a buy point of 145.19.
Apple Stock Gets Flurry Of Price-Target Hikes
At least nine Wall Street analysts raised their price targets on Apple stock following the company’s earnings report late Wednesday.
Apple surprised investors with a much stronger-than-expected fiscal second-quarter earnings report. The Cupertino, Calif.-based company earned $1.40 a share, up 119% year over year, on sales of $89.58 billion, up 54%, in the quarter ended March 27. Analysts expected Apple earnings of 99 cents a share on sales of $77.35 billion.
The tech titan also announced $90 billion in fresh share buybacks and hiked its quarterly dividend by 7%.
However, Apple said it expects a more dramatic seasonal sales decline from the March quarter to the June quarter than in prior years.
Follow Patrick Seitz on Twitter at @IBD_PSeitz for more stories on consumer technology, software and semiconductor stocks.
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