Apple (NASDAQ:AAPL) Is Looking to Enter the Home Robotics Market – TipRanks.com

Apple (NASDAQ:AAPL) Is Looking to Enter the Home Robotics Market – TipRanks.com

Tech giant Apple (NASDAQ:AAPL) is reportedly looking to enter the home robotics market, according to Bloomberg. As a result, Apple’s shares saw a slight uptick in today’s trading. The company is said to be investigating a variety of robotic concepts, including a robot capable of autonomously following individuals around their homes and another device designed to navigate tabletops using robotic mechanisms.

However, these projects are in their very early stages, and there’s no guarantee they will result in commercial products. In fact, Apple’s recent discontinuation of its electric vehicle initiative highlights its willingness to cancel projects regardless of sunk costs. For reference, the firm spent approximately $10 billion over several years on its EV project over several years.

Is Apple a Buy, Sell, or Hold?

Turning to Wall Street, analysts have a Moderate Buy consensus rating on AAPL stock based on 16 Buys, 11 Holds, and one Sell assigned in the past three months, as indicated by the graphic below. After a 12% year-to-date decline, the average AAPL price target of $202.84 per share implies 19.56% upside potential.

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