2 Growth Stocks to Load Up on During a Market Correction

Over the past month, the major indices have been headed lower. With the Fed looking to tighten its monetary policy, surging bond yields and rising inflation, current conditions have caused skepticism among stock market bulls. In addition…

the spread of the Covid-19 Delta variant continues to impact economies in both the U.S. and Europe, causing a slowdown in growth.

However, during a pessimistic time like this, savvy investors are provided with significant opportunities. Market corrections allow investors to buy great stocks at cheaper prices. As famed investor Warren Buffett once said, “Be fearful when others are greedy. Be greedy when others are fearful.”

With this in mind, I believe Apple Inc. (AAPL) and The Walt Disney Company (DIS) are two blue-chip growth stocks that investors should consider adding to their portfolios as the market slides.

Apple Inc.

Since the beginning of the year, shares of the American tech giant have rallied 4.3%, underperforming its benchmark, Technology Select Sector SPDR ETF (XLK), which has gained 13.1% year-to-date. The past month has been particularly rough for tech companies as worries of interest rate hikes have negatively impacted AAPL, leading to yet another drop in price.

Recent Developments

On September 14th, Apple released the new iPhone 13 lineup, the Apple Watch Series 7, and two upgraded iPadsKGI Securities noted a higher than anticipated demand for iPhone 13 models amid ”positive pricing signs”. It also expects that sales for the higher-end models will constitute over 50% of total iPhone 13 revenues. In addition, Apple experienced strong demand for iPhone 13 and iPhone 13 Pro in China, with 5 million orders in the eight days since release. Taking that into account, KGI reiterated a price target for AAPL to $180.

Recent Quarterly Performance & Analysts’ Estimates 

The company’s overall revenue for its fiscal third quarter, ended June 26th, 2021, has risen 36.4% year-over-year to $81.4 billion. Also, Apple surpassed the Wall Street consensus revenue projections by $7.93 billion. The tech giant reported a GAAP EPS of $1.30, beating Wall Street estimates by $0.29.

For the fourth quarter, analysts expect AAPL’s EPS to stand at $1.23, representing a 68% growth compared to the year-ago figure of $0.73. The company has topped Wall St. EPS estimates in each of the trailing four quarters. Additionally…

 

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