Apple Flagged as Buy by CIBC After Market Drops 6%, 19.5x Valuation
Apple is identified by CIBC Capital Markets strategist Christopher Harvey as a buy opportunity after the S&P 500 dropped almost 6% since the Iran war began and trades at a 19.5 forward P/E ratio. JPMorgan Chase and Truist Advisory Services also recommend accumulating mega-cap technology names, including Apple, on pullbacks.
1. CIBC Identifies Apple Buy Signal
CIBC Capital Markets’ head of equity strategy Christopher Harvey highlights Apple as a buy opportunity following a nearly 6% drop in the S&P 500 since the Iran conflict began and with the index valued at 19.5 times forward earnings.
2. JPMorgan and Truist Support Mega-Cap Tech
JPMorgan Chase’s trading desk upgraded its US equity view to neutral and added Apple to its shopping list, while Truist Advisory Services urges clients to use pullbacks to build positions in large-cap names like Apple, keeping cash ready for potential further volatility.