Software stocks were arguably the biggest underperformer in 2022 as a significant tightening of financial conditions pushed investors away. Several equity strategists expect the difficult macro environment for software stocks to remain in play in the coming weeks and months as the Fed continues to increase rates.
Morgan Stanley analysts reiterated an Overweight rating on Apple (NASDAQ:AAPL) stock and a $175 per share price target. Apple stock trades about 15% down since the start of December 2022, underperforming the S&P 500 by 10 points.
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