What's Going On With Apple Stock Monday?

Apple Inc AAPL shares are trading lower Monday. The stock appears to be facing selling pressure after new data showed that Apple smartphone shipments fell approximately 10% in the first quarter.

What Happened: Research firm IDC reported on Sunday that Samsung has overtaken Apple as the top global phone maker with 20.8% market share, per Reuters.

The report indicates that Apple’s market share fell to 17.3% in the first quarter after sales dropped by about 10%, while global smartphone shipments increased 7.8% to 289.4 million.

The company is reportedly being negatively impacted by strong momentum in Chinese brands such as Huawei. Apple smartphone shipments in China fell 2.1% in the final quarter of 2023 as the company continued to battle challenges including limitations of its devices by Chinese companies and government agencies.

Apple is not due to report second-quarter earnings until the beginning of May. Analysts currently expect the iPhone maker to report EPS of $1.51 on quarterly revenue of $90.52 billion. Apple reported EPS of $1.52 on revenue of $94.84 billion in the second quarter of 2023, according to Benzinga Pro.

Apple will also hold its Worldwide Developers Conference in June where it will focus on new updates to its phones and other devices. Investors and analysts will be paying close attention for any updates on the company’s plans for incorporating AI into its products.

See Also: Apple Bull Dan Ives Says ‘Robust’ Tech Earnings Season Ahead: ‘Not The Time To Run…Time To Own The Winners’

AAPL Stock Prediction 2024

Equity research can be a valuable source of information for learning about a company's fundamentals. Analysts create financial models based on the fundamentals and expected future earnings of a company to arrive at a price target and recommendation for the stock.

Shares of Apple have an average one-year price target of $217.05, representing an expected upside of 24.47%.

Because of differences in assumptions, analysts can arrive at very different price targets and recommendations. One analyst has bearish recommendations on Apple, while 14 analysts have bullish ratings. The street high price target from Wedbush is $250, while the street low from Barclays is $158.

AAPL Price Action: Apple shares were down 0.96% at $174.85 at the time of publication, according to Benzinga Pro.

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