Apple’s stock (AAPL) looks like a good buy on weakness, argues one strategist.
“We actually bought Apple over the last couple of weeks. I mean the name has come down tremendously. So I think you can go in and buy that name. They have such a strong balance sheet and they have a tremendous cash position,” said Crossmark Global Investments chief markets strategist Victoria Fernandez on Yahoo Finance Live.
To be sure, Apple’s stock hasn’t been immune to the broader pullback in tech stocks this year amid fears of rising interest rates and the geopolitical risk from Russia’s war on Ukraine.
Shares of the tech giant are off by 13% year-to-date. The stock is down about 15% from its 52-week high.
This week, the stock took a fresh hit on new COVID-19 lockdown concerns coming out of China.
One of Apple’s largest suppliers Foxconn has temporarily halted operations as the Chinese government looks to…
