TDR Capital International - Apple Approaches All-Time High; Outperforms Growth Stocks Benchmark

Apple (AAPL) investors are still hoping for a stock rebound with the debut of the iPhone 15, which went on sale on September 22.
KOWLOON, Hong Kong - Nov. 9, 2023 - PRLog -- Nonetheless, despite the fact that its stock has fallen since reaching a new high in late July, it is outperforming most other equities. The IBD Relative Strength (RS) Rating for Apple shares increased to 82 on Tuesday, up from 78 the day before.

The improved RS Rating of 82 out of a possible 99 suggests that Apple stock price performance has outperformed 82% of all stocks, regardless of industry, over the last year. It's noteworthy because market research reveals that the top stocks have an RS Rating of 80 or above in the early phases of their rise.

Apple has an excellent 86 Earnings Per Share Rating, putting it in the top 14% of companies for current and long-term profit growth, among other critical factors. The 86 grade is primarily based on historical earnings strength. Earnings for the smartphone and wearables company climbed only 5% last quarter and were unchanged year over year the previous quarter.

Apple stock has a Composite Rating of 75. The Composite score combines five distinct proprietary scores into a single number. A Composite Rating of 90 or above indicates the top growth stocks.

On a scale of A+ to E, Apple's Accumulation/Distribution Rating is the lowest. The E rating indicates that large funds are selling shares. However, the number of funds that own Apple shares has consistently increased over the last four quarters. In the December 2022-ended quarter, there were 6,548 funds holding Apple, compared to 6,790 in September, indicating a positive trend.

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