It’s historically been a smart move to buy Apple shares around this time of year coming off the technology giant’s developer conference, according to Morgan Stanley’s sales team. Over the last 10 years, about half of the megacap tech stock’s outperformance against the broad S & P 500 has come in the three months following the annual worldwide developers conference, Morgan Stanley data shows. This year’s gathering took place on Monday , with shares finishing the trading session down nearly 2%. Apple’s biggest announcement was its push into artificial intelligence — the buzzy software that has helped propel large tech names such as Nvidia to records — with the unveiling of Apple Intelligence. Those AI tools will be made available on Mac, iPhone and iPad. In the same vein, Apple announced that OpenAI’s ChatGPT is coming to Siri and devices will have custom AI-powered emojis called Genmoji. AAPL YTD mountain Apple, year to date Shares rebounded on Tuesday, rallying more than 6% to a new all-time high. But the stock has underperformed both the S & P 500 and tech-heavy Nasdaq Composite this year with a gain of just over 6%. And Wall Street analysts generally see limited upside from here. While the average analyst has a buy rating, the typical price target suggests shares can add just over 1% in the next 12 months, according to LSEG.
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