Keeping the car running is a must for consumers regardless of the economy.Īuto parts retailer AutoZone (AZO) is well-positioned to take advantage of the situation. This suggests that a plethora of breakdowns lie ahead. The ongoing microchip shortage-cars run on semiconductors, along with much everything else these days-and other supply-chain woes are to blame. auto fleet is 12.2 years, an all-time high, by the estimate of S&P Global Mobility. ![]() And the need for repair work will be even more urgent in coming months. That’s because people always need their rides repaired, in fair economic weather or foul. But there’s one corner of the automotive realm that does well then: auto parts. Vehicle sales usually suffer in a recession. Apple has warned that the pandemic lockdowns in China, a huge market for the smartphone, could hurt current sales, but Wedbush expects the Chinese strictures to be eased up ahead.Īny economic troubles ahead shouldn’t hinder Apple’s progress, in Wedbush’s view: “While the nervous market backdrop is creating a fearful environment for tech stocks, we believe Apple’s growth story remains well intact despite the shaky macro.” AutoZone The iPhone makes up more than half of Apple’s revenue, and a new iteration is due out this fall. Revenue and earnings continue to increase, with sales hitting a record $97.3 billion in its last reported quarter. Meanwhile, the company’s fundamentals remain undiminished, despite the market’s current distaste for tech stocks. ![]() As Wedbush Securities wrote recently, “Apple remains our favorite tech name as we reiterate our outperform rating,” predicting that within the next 12 months, the shares should reach $200. ![]() For investors, the chances are good that the stock will retrace its losses, and then some. With a stock market capitalization of almost $2.4 trillion, Apple remains the U.S.’s most valuable company. With a current multiple of 22, Apple has become a lot more affordable at the end of 2021, Apple’s P/E stood at 30. After an enormous run-up, more than quadrupling from 2018 to the end of 2021, Apple this year has dipped 18%.
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