We're Adding to Apple, Alphabet and Universal Display
We're taking advantage of the pullbacks in these portfolio names.
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| Symbol | Action | # Shares Traded | Recent Price | % of Portfolio* | Shares Owned* |
|---|---|---|---|---|---|
BUY | 90 | $169 | 3.2% | 790 | |
BUY | 95 | $172.5 | 2.3% | 555 | |
BUY | 60 | $133.75 | 3.3% | 1035 |
We are taking advantage of the pullbacks in Action Alerts PLUS names Apple AAPL , Alphabet GOOGL , and Universal Display OLED shares to add to our holdings.
After you receive this Alert, we will make the following trades:
Buy 90 shares of Apple at or near $169. Following the trade, the portfolio will own 790 AAPL shares, accounting for roughly 3.2% of its assets.
Buy 60 shares of Alphabet at or near $133.75. Following the trade, the portfolio will own 1,035 GOOGL shares, accounting for roughly 3.3% of its assets.
Buy 95 shares of Universal Display at or near $172.50. Following the trade, the portfolio will own 555 OLED shares, accounting for roughly 2.3% of its assets.
We've shared with you that Apple, Alphabet, and Universal Display shares have been on our shopping list and we are taking a modest bite on each of those shares today. While we recognize this move could be somewhat premature and the shares could move lower in the near term, our focus is on where the shares will be in the coming quarters rather than in the coming days.
We see Apple and Universal Display benefitting from the expected AI-driven smartphone, PC, and tablet upgrade cycle, and we continue to think Google will find its AI footing given the treasure trove of data it collects. Our thinking on this is supported by learnings not only from CES 2024 but also from Mobile World Congress 2024 and more recently from Dell's DELL quarterly earnings.
Apple shares are oversold at current levels, but as we shared with you earlier this week the next known catalysts for the company will be the February revenue report from Taiwan Semiconductor TSM and quarterly results from its manufacturing partner Foxconn on March 14. Even as those figures and guidance are digested, the looming catalyst will be Apple's June 2024 WWDC event when it showcases its latest efforts for iOS, MacOS, iPadOS, and its other operating systems. The expectation is Apple will put its foot forward with AI.
For now, our respective price targets remain in place with Apple at $205, Alphabet at $165, and Universal Display at $210. Given these trades, we will reduce our panic point on AAPL shares to $150 from $165 and ease the one for GOOGL shares to $118 from $125. As the shares recover, we expect to lift these panic points back to prior levels and eventually even higher.
(Please note that we are looking to execute these trades at or near the share price mentioned above. Once the trade is completed, subscribers can see the trade's executed pricehere. Be sure to toggle the chart to sort by Purchase Date.)
Action Alerts PLUS is long AAPL, GOOGL, OLED.