Shares of Apple (NASDAQ: AAPL) have been under pressure of late on account of multiple factors, such as reports of a ban by Chinese state-owned enterprises on the use of iPhones by their employees, weak consumer demand for smartphones, and rumors that the iPhone maker may run into supply chain challenges that could force it to reduce the number of smartphones it builds this year. Apple stock retreated nearly 2% after the launch event. With all the headwinds that Apple is facing right now, should investors consider booking their profits before the stock slides further?
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Apple and Microsoft are two of the most widely held stocks in the world, and Wall Street is generally bullish on both companies. Apple has a median price target of $200 per share which implies a 15% upside from its current price, and Microsoft has a median price target of $400 per share which implies a 26% upside from its current price. Cloudflare (NYSE: NET) has a median price target of $74 per share which implies a 28% upside, and Snowflake (NYSE: SNOW) has a median price target of $195 per share which implies a 30% upside.