'I don't like Apple stock': Paul Meeks

Apple Inc (NASDAQ: AAPL) has regained its crown of the world’s most valuable company after AI announcements at its 2024 WWDC. 

But Paul Meeks of Harvest Portfolio Management remains unimpressed. 

AI announcements not enough for Apple stock

Wall Street analysts rushed to raise their price targets on Apple stock after the multinational introduced a bunch of AI features as well as integration with ChatGPT. 

May dubbed it a “game changer” that will translate to a lift in iPhone sales. But Paul Meeks told CNBC in an interview this week:

$AAPL, nonetheless, is up more than 10% at writing versus before the 2024 WWDC. 

$AAPL is seeing a slowdown in revenue growth

Paul Meeks said “I do not like Apple stock” because it’s been struggling with shrinking revenues. In fact, it’s been more than two years since the titan last reported double-digit growth in quarterly revenue, he added on “Street Signs Asia”. 

The co-chief investment officer of Harvest Portfolio Management expects $AAPL to continue to struggle unless it opts for a very large acquisition to move the needle. 

Apple shares pay a dividend yield of 0.47% at writing. 

Is Wall Street also dovish on Apple shares?

Apple Inc is scheduled to report its financial results for the third quarter in early August. Consensus is for it to earn $1.33 a share versus $1.26 per share a year ago. 

Note that Meeks’ dovish outlook on the Nasdaq-listed firm is not really shared by Wall Street. In fact, Gil Lura - a D.A. Davidson analyst upgraded Apple stock to “buy” after the 2024 WWDC. 

He raised his price target on $AAPL as well to $230 which suggests close to 10% upside from here. Speaking with Yahoo Finance this week, Luria said: