The end of the year isn’t treating consumer tech giant Apple (NASDAQ:AAPL) well. The stock recently hit its 52-week low, and it’s currently in limbo thanks to an upcoming government decision. With the market turning on Apple as well—it’s down slightly in Friday afternoon trading—it’s a terrible Friday before Christmas, no matter how you slice it.
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Currently, Apple is waiting for a final decision from President Biden about a recent International Trade Commission ruling. Said ruling ultimately noted that Apple infringed on patents held by AliveCor. Those patents are related to the Apple Watch’s electrocardiogram function. This ruling ultimately led to the ITC declaring that Apple Watch imports should be banned. However, the ITC declined to enforce the ban until after a set of appeals. Thus, it fell to President Biden to ultimately decide Apple’s fate on this matter.
Historically, though, there’s some good news. Over the last 22 years, every time Apple’s returns have gone negative—all three times, one in 2000, one in 2002, and one in 2008—the next year has seen a return to positive results. With 2022 now similarly negative, some are looking for lightning to strike a fourth time going into 2023. Analyst Jim Suva is already on record looking for big things out of Apple in 2023.
Overall, Wall Street analysts have a consensus price target of $179.10 on AAPL stock, implying 36.45% upside potential, as indicated by the graphic above.
