Batter up as Apple reportedly in talks to broadcast baseball

• Apple is taking a slow start to 2022 as tech and growth struggle.
• Fed likely to hike rates four times in 2022: Goldman.
• Tech and growth do not like higher rates, while financials see rotation inflows.

Apple (AAPL) stock has started the year cautiously but remains close to its all-time highs. The narrative so far in 2022 has been higher rates hurting growth and tech names. The Nasdaq certainly has had a shaky start, but the pessimism over Apple looks a little overblown. The stock after all sits only $10 from its record high, not exactly a crisis then.

Apple (AAPL) stock news

While rotation and financials get all the good press so far, Apple springs a left-field surprise with reports circulating that it plans to pitch for Major League Baseball (MLB). This marks a potential turning point for Apple TV, assuming that reports are correct. Sports is often seen as the way to subscribers’ hearts, and Amazon (AMZN) has recently begun showing more and more coverage of the behemoth Premier League, as well as tennis and rugby in Europe. 

Another interesting insight came from KeyBanc on Monday. Analyst Brandon Nispel puts a $191 price target on Apple based on KeyBanc credit and debit card sales. This is very useful and informative data. Admittedly limited to the US only, it does give very detailed and accurate spending patterns we assume. “For the quarter, the data tells us we should expect slightly better than historical growth for Hardware in the upcoming quarter,” Nispel said in a report by Benzinga.

Apple (AAPL) stock forecast

$167.63 remains the key support. Breaking will set a lower low – the first criteria for a downtrend. Hold this level and we see no reason technically not to find more all-time highs. Earnings on January 27 will obviously be key. The last set of earnings numbers were solid if unspectacular with some decidedly mixed commentary around supply chain issues. Breaking $167 will see a test of $153. 

Apple (AAPL) chart, daily

 

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