Buy Apple Stock at Record Highs Before Q1 Earnings? - Yahoo Finance
Jan 23, 2021 7 mins, 54 secs
Apple AAPL stock helped the Nasdaq hit new highs this week and the company reached its own records on Friday heading into the release of its first quarter fiscal 2021 earnings results on Wednesday, January 27.

But despite its successful diversification, its flagship smartphones still play a vital role at the company and on Wall Street, and accounted for 50% of total revenue in fiscal 2020.

Apple also remains the world’s most valuable brand and its stock price has outpaced Microsoft MSFT and Amazon AMZN over the last five years, up 460%.

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The key metric to watch out for will be the growth in daily active users; this metric slipped slightly from Q2 to Q3, and further decline will be taken as an ominous sign for the company’s future.

Ahead of the print, Oppenheimer analyst Jason Helfstein boosted his price target to $345 (from $300), while reiterating an Outperform (i.e. Buy) rating.

Shares are priced at $276.10 and the average price target of $327.42 suggests a one-year upside of ~19%.

(See FB stock analysis on TipRanks) Amazon (AMZN) Turning to e-commerce, we can’t avoid Amazon.

Blackledge rates the stock Outperform (i.e. Buy), and his price target, at $4,350, indicates confidence in a 31% upside on the one-year time horizon.

That Wall Street generally is bullish on Amazon is no secret; the company has 33 reviews on record, and 32 of them are Buys, versus 1 Hold.

Shares are priced at $3,301.26 and the average price target of $3,826 implies that it will grow another 16% this year.

(See AMZN stock analysis on TipRanks) To find good ideas for stocks trading at attractive valuations, visit TipRanks’ Best Stocks to Buy, a newly launched tool that unites all of TipRanks’ equity insights.

In an interview with Bloomberg TV's “Front Row,” the storied investor, Jeremy Grantham, who is often credited with several prescient market calls over the past two decades, insists that a steady rise in stocks, fostered by free money from the Federal Reserve and the government can't continue without consequences.

In addition, Biden has tapped Federal judge Merrick Garland as his choice to head the Department of Justice; Garland is generally seen as centrist, but he has a judicial record from the Federal bench of respecting state-level cannabis legalization regimes.

“[With] room for equity valuations to continue moving higher, we remain bullish on US cannabis and believe 2021 will be a pivotal year for the industry… We think investors will increasingly benefit from better visibility into company-specific growth rates and operational metrics through 2021...

Bearing this in mind, we used TipRanks’ database to take a closer look at two cannabis stocks backed by top cannabis analysts.

That figure was a company record.

The company announced in December an agreement for merger and acquisition with competing firm Tilray, a move that will create the world’s largest cannabis company, with a market value of CA$5 billion.

Aphria has caught the eye of 5-star Cantor analyst Pablo Zunaic, who believes that the company’s prospects are “[all] about what APHA + TLRY can do in a fast-deregulating cannabis world.” Zunaic added, “The leading Canadian company (16% APHA rec share plus TLRY 4% share), with a budding international unit (exporting to Israel, Germany Poland, Malta; production in Germany/Portugal; owned German distribution), plus ancillary assets that may be useful depending on the shape of future deregulation, should deserve a premium…” In line with these comments, the analyst rates APHA an Overweight (i.e. Buy), and his CA$26 price target implies a 59% upside potential from current levels.

However, the recent share appreciation has pushed the trading price above the CA$15.09 average price target; APHA shares are now priced at CA$16.32.

(See APHA stock analysis on TipRanks) Trulieve Cannabis (TCNNF) Trulieve is a $5.23 billion medical cannabis company, operating in California, Connecticut, Florida, Massachusetts, Pennsylvania, and West Virginia.

The rapid growth of medical cannabis has fueled a tremendous growth in Trulieve’s share price over the past year.

The company has reported a steadily increasing top line for the past two year, with the most recent quarterly report, 3Q20, showing $136.3 million, a company record and a 13% gain quarter-over-quarter.

Matt McGinley, 5-star analyst from Needham, sums up a bullish case on Trulieve, noting: “While our fundamental outlook for the industry and this company have not materially changed into '21, prospects for federal reforms have improved as have prospects for funding that growth based on recent capital markets activity.

As such, we believe multiples will re-rate higher to more appropriately reflect the high rate of growth of the industry.” Unsurprisingly, the analyst rates TCNNF an Outperform (i.e. Buy), and sets a price target of $60.50, suggesting that the stock will grow ~38% over the next 12 months.

(To watch McGinley’s track record, click here) The Strong Buy analyst consensus rating on this stock shows that Wall Street agrees on the value of Trulieve.

The average price target of $49.49 suggests an upside of ~13% from the current trading price of $43.93.

(See Trulieve stock analysis on TipRanks) To find good ideas for cannabis stocks trading at attractive valuations, visit TipRanks’ Best Stocks to Buy, a newly launched tool that unites all of TipRanks’ equity insights.

It is very important to do your own analysis before making any investment.

All three software growth stocks corrected in late 2020.

However, before jumping right into an investment in a penny stock, Wall Street pros advise looking at the bigger picture and considering other factors beyond just the price tag.

Taking the risk into consideration, we used TipRanks’ database to find compelling penny stocks with bargain price tags.

AzurRx BioPharma (AZRX) We’ll start with a company specializing in gastrointestinal disease, AzurRx.

This company is focused on creating non-systemic, targeted recombinant therapies for GI ailments.

Given the millions of patients that have taken the drug, the safety profile has largely been established, thereby lowering developmental risk.” Given all of the above, Aschoff rates AZRX as a Buy, and his $7 price target suggests a sky-high 608% upside for the year ahead.

(To watch Aschoff’s track record, click here) Overall, the analyst consensus on AZRX shares is a Strong Buy; the stock has 4 recent reviews, including 3 Buys and a single Hold!

In addition, the $4 average price target brings the upside potential to 304%.

(See AZRX stock analysis on TipRanks) ProQR (PRQR) ProQR is a biotechnology company focused on treatments for congenital progressive blindness.

The company has a research pipeline of five drug candidates, in varying stages of the research process.

This candidate is an RNA therapy designed to correct the most common CEP290 gene mutation causing Leber congenital amaurosis 10 (LCA10). This is a severe genetic retinal disease that affects as many as 3 in 100,000 children. QR-421 is another RNA therapy, this one focused on exon 13 mutations in the USH2A gene. These mutations cause blindness due to retinitis pigmentosa and/or Usher syndrome. QR-421 is in Phase 1/2 studies, with an aim of restoring lost vision or preventing the loss in the first place. Covering the stock for JMP, analyst Jonathan Wolleben points to Sepofarsen as a key component of his bullish thesis. “We continue to feel good about sepofarsen’s chance of success in Illuminate for multiple reasons: 1) Phase 1/2 confirmed the target registrational dose and dosing interval (6 months); 2) patients had clinically significant and durable BCVA improvements after 12 months – pivotal primary endpoint; 3) supportive secondary efficacy measures (FST, mobility); 4) similar responses seen in second treated eyes; 5) long-term safety confirms positive risk/benefit; and 6) Illuminate patient population was enriched based on Phase 1/2 results (baselinevision of >/=hand motion).

In line with his upbeat outlook, Wolleben puts a $20 price target on the stock, implying a 384% one-year upside, along with an Outperform (i.e. Buy) rating.

(To watch Wolleben’s track record, click here) All in all, PRQR gets a unanimous Strong Buy rating from the analyst consensus, based on 3 positive stock reviews.

Shares are currently trading for $4.13, and their $20.67 average price target is slightly more bullish than Wolleben’s, suggesting an upside of 400% for the coming 12 months.

(See PRQR stock analysis at TipRanks) To find good ideas for penny stocks trading at attractive valuations, visit TipRanks’ Best Stocks to Buy, a newly launched tool that unites all of TipRanks’ equity insights.

film studio was arguably the most aggressive in moving films to its streaming platform, and the company is expected to have spent heavily at a recent wireless spectrum auction that was crucial to defining the 5G landscape.

(NASDAQ: ADSK) initiated at Sell, $270 target.Oracle Corporation (NYSE: ORCL) initiated at Sell, $60 target.Related Link: BofA Reinstates Coverage Of Cloud Stocks, Names Top Picks For 2021The Cloud Thesis: The big run in most software stocks has skewed Goldman's bullish coverage toward attractively valued, high-quality growth stocks, Rangan said in a Thursday initiation note.

Salesforce, Workday and Splunk will likely see improvements in their backlogs and an acceleration of free cash flow growth due to easy year-over-year comps, the analyst said.Goldman is modeling 24% year-over-year FCF growth for Salesforce and 33% FCF growth for Workday in the second half of 2021.In addition, Rangan said the market may be underestimating the potential for Microsoft Azure revenue growth to bounce back after dipping below 50%, boosting the company's overall margins and profitability."We believe fundamentals continue to be strong as Digital Transformation catalyzes Cloud adoption and propels the sector, pandemic or not," the analyst said.


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