5 Best Rebound Stocks To Buy Now

4. Apple Inc. (NASDAQ:AAPL)

Number of Hedge Fund Holders: 128

YTD Price Change: -17.2%

Apple Inc. (NASDAQ:AAPL) is a California-based technology giant.

Apple Inc. (NASDAQ:AAPL) has come under pressure recently following news that the demand for the new iPhone 14 has been weaker than anticipated. However, the company is diversifying its offerings to hedge its bets and recover strongly. A week earlier, Apple Inc. (NASDAQ:AAPL) announced its plans to increase the price of the Apple One bundle. According to an estimate provided by Amit Daryanani at Evercore ISI, this move will generate an incremental annual revenue of $1.8 billion on the assumption of maintaining 100 million Apple Music subscribers and 25 million Apple TV subscribers. The analyst further believes that Apple Inc. (NASDAQ:AAPL) is building the best-in-class premium streaming service organically, which would allow it to become one of the best rebound stocks in the future. Daryanani maintained an Outperform rating on Apple Inc. (NASDAQ:AAPL) with a target price of $190 on October 28.

Here’s what Wedgewood Partners said about Apple Inc. (NASDAQ:AAPL) in its Q3 2022 investor letter:

Apple Inc. (NASDAQ:AAPL) grew revenues +5% (foreign exchange adjusted and excluding Russia) driven by record iPhone revenues that were up about +3% on an exceptional year ago comparison of +50%. Apple’s installed base is over 1.8 billion devices which helps drive a software and services business that has generated almost $80 billion of revenue over the past 4 quarters. As we have highlighted in the past, Apple’s relentless focus on the development and integration between hardware (especially ICs) as well as software, continues to add significant value for customers of its products and services. We expect this favorable competitive dynamic to continue for the foreseeable future.”

Apple Inc. (NASDAQ:AAPL) was held by 128 hedge funds as of Q2 2022.

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