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Apple Inc. (NASDAQ:AAPL) shares are rising Thursday. Goldman Sachs reaffirmed its Buy call as investors may be seeking shelter in the stock while other tech names fall. Here’s what you should know.

• Apple stock is showing upward movement. Why is AAPL stock trading higher?

Apple Stock Rises After Goldman Sachs Reiterates Buy

Goldman Sachs reaffirmed its Buy rating on Apple on Thursday and applauded the company’s recent product unveilings. The stock may also be drawing investors who want shelter while tech worries grow.

The firm expects Apple’s sales to keep growing. Its reasons: price increases spread across the lineup, plus updated versions of the MacBook, iMac and iPad that run on the M6 and A20 Pro chips, CNBC reported. Goldman also thinks the products will help Apple hold its ground against competitors.

Two problems could slow Apple in the near term: tight supply and soft markets for PCs and tablets. Goldman says a “favorable premium mix,” meaning buyers choosing pricier products, should absorb the blow.

Analysts Split On Apple Ahead of the Report

Wall Street’s average rating on Apple is Buy, and the average price target is $337.03, below where the shares trade now.

Recent calls have varied. JPMorgan kept an Overweight rating and raised its target to $360 on Oct. 12. Loop Capital cut its rating on Apple to Hold on Oct. 20 and lowered its target to $330. MoffettNathanson stayed at Neutral and trimmed its target to $283 the same day.

Apple Stock Hovers Near its High Ahead of Earnings

Apple trades at roughly $349, a little below its Oct. 23 high of $351.73, which is both its 52-week high and its all-time high. The shares have gained around 29% in the past year, rebounding from a low of $243.42 on Jan. 20.

That position near a record may be part of the draw. Investors tend to treat Apple as a safe haven when concerns about technology stocks rise. With several tech names getting hit, Apple may be gaining as money moves toward it.

Apple’s fiscal fourth-quarter report arrives Monday, Nov. 2, once trading ends. Wall Street projects earnings of $1.99 a share and $113.38 billion of revenue. Apple beat forecasts last quarter, too: $2.02 a share versus $1.89 expected, and $109.42 billion in sales versus $108.65 billion.

AAPL Shares Are Moving Higher

AAPL Price Action: Apple shares were up 1.83% at $350.11 at the time of publication on Thursday. The stock is trading near its 52-week high of $351.73, according to Benzinga Pro.

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