Apple stock has been added to the list of new buys by top mutual funds, despite recent analyst downgrades and a record low in December. Despite this, underlying demand for Apple remains strong, with a 1.6 up/down volume ratio and a B+ Accumulation/Distribution Rating. A record-breaking 442 funds with an A+ rating from IBD have a position in Apple stock, earning a 91 Composite Rating.
Apple’s decline below its 21-day exponential moving average and 50-day line has sparked concerns, but the tech giant’s continued strength is evident in its market-leading positions on major AI-fueled stocks. Salesforce, another AI-fueled firm, also remains in buy range despite falling below its 50-day line.
This week’s list of top fund buys highlights a shift towards resilience in the face of bearish sentiment. Other standout stocks include Broadcom and Alphabet, which have shown similar action to Apple. Meanwhile, Nvidia and Tesla have been excluded from this month’s list due to their decline in popularity with top funds.
Investors looking to capitalize on Apple’s continued strength can consider adding the stock to their portfolios, but it is essential to monitor its performance closely as the tech-heavy Nasdaq continues to face bearish sentiment.
Source: https://www.investors.com/etfs-and-funds/mutual-funds/best-mutual-funds-buy-apple-stock-google-tesla-rival-byd