Late Thursday, we took a look at our mega-cap tech stocks — Facebook parent Meta Platforms , Google parent Alphabet , Microsoft , Apple , and Amazon — to see if there were any bargains to be had with each one down roughly 20% or more from its prior high. On Friday, we want to revisit Apple. As we said Thursday in our "Morning Meeting," we think now is the time to start thinking more opportunistically about the stock.
Like Ford in January and Amazon a couple of years ago, the Apple trim turned out to be a timely call. The stock has fallen roughly 10% since our sale, bringing its year-to-date losses to about 16%. When we downgraded our rating on Apple last month, we said we would look for a better entry point to upgrade our rating back. But at the time, we had two concerns about the company. First, we knew there was some earnings risk related to the lockdowns in China.
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