10 Debt Free Halal Stocks to Invest in Right Now

6. Apple Inc. (NASDAQ:AAPL)

Number of Hedge Fund Holders: 166 

Market Cap as of March 27: $3.363 trillion 

Enterprise Value as of March 27: $3.32 trillion  

Apple Inc. (NASDAQ:AAPL) produces a diverse range of innovative products, including the iPhone, iPad, Mac computers, Apple Watch, and Apple TV. The company also delivers the iOS and macOS operating systems, along with iCloud services, advertising features, payment services, Apple Music access, and the App Store.

The delay of essential Siri virtual assistant features has led to a decline in Apple Inc. (NASDAQ:AAPL)’s stock shares. According to Bloomberg, quality issues have caused delays, with assessments indicating that the technology experiences malfunction rates exceeding 80%. Since June 2024, several features initially planned for release in April with iOS 18.4 have been postponed. The company aims to resolve these technical issues by 2026, but the extended wait period has raised concerns among investors about the company’s competitiveness in artificial intelligence development. In the current market, the stock value has dropped approximately 15% since the initial announcement.

According to Erik Woodring from Morgan Stanley, the postponement could potentially weaken upcoming iPhone product upgrades for 2024. The analyst has lowered his iPhone shipment projections for 2025 and 2026 by 1% to 5%. While other features may drive unit growth, he remains skeptical about the impact of AI features. The absence of a revolutionary AI application could hinder substantial upgrade rate increases unless such features are introduced before the release of the iPhone 17. Despite maintaining an Overweight rating on the stock, Woodring has reduced his price target from $275 to $252. This revised target reflects strong market potential for Apple Inc. (NASDAQ:AAPL), although it remains close to the $255 consensus average target.