Apple: This Beaten-Down "Magnificent Seven" Stock Could Start Soaring Thanks to Artificial Intelligence (AI)
Technology stocks got off to a decent start in 2024 -- the Nasdaq-100 index has clocked a 5% gain year to date as of this writing. But (NASDAQ: AAPL), a powerhouse in the sector, has failed to sustain its impressive momentum from last year. A member of the group of mega-cap tech stocks known as the "Magnificent Seven," it's down over 10% so far this year.
For comparison, Apple was in fine form last year, gaining about 48%. Its reversal of fortune can be attributed to its slowing sales growth and lack of notable artificial intelligence (AI) developments. Its Magnificent Seven peers such as Meta Platforms, Nvidia, and Microsoft have been outperforming the broader tech sector this year, as their AI-focused efforts are delivering results.
The thing is, Apple's slide could offer a buying opportunity for savvy investors, as the company is in a position to capitalize on two key AI-related growth opportunities.
Source Fool.com
Apple Inc. Stock
Currently there is a rather positive sentiment for Apple Inc. with 76 Buy predictions and 5 Sell predictions.
With a target price of 199 € there is a positive potential of 22.54% for Apple Inc. compared to the current price of 162.4 €.
