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Apple shines on a big upgrade as Oppenheimer sees its actions as “ overselling ''
Apple (AAPL) – Get a report was shot in the arm Monday amid the coronavirus crisis with a major upgrade from an industry analyst.
Apple stocks jumped 1.69% to $ 277.99 per share in pre-market trading after Oppenheimer analysts raised their stocks on tech giant stocks to outperform by increasing their price target to $ 320 per share.
Apple is well-placed to withstand disruptions in the company's supply chain in China, as the coronavirus is wreaking havoc as well as growing competition, according to research research note. ; Oppenheimer.
Oppenheimer analysts expect Apple's growth to return to normal by the second half of 2020, with "temporary shifts in iPhone shipments between product cycles which will have an intangible impact on the stock ”.
The research note cited Apple's ability to transform new technologies into new products ranging from the iPhone to the watch to the AirPods which are "deeply personal and essential everyday items".
"We believe Apple products and services will prove more resilient than competing products in times of uncertainty," wrote analysts at Oppenheimer, noting that Apple also had a length of Ahead of its competition to navigate "the evolution of supply chains".
Any weakness manifested by Apple action should, in turn, offer investors the opportunity to participate at a lower price.
"We would be weak buyers," Oppenheimer noted, adding later "we see oversold stock at these levels."
Oppenheimer is also seeing demand return to normal for the upcoming iPhone launch, along with Apple, though incessant series of new accessories and upgrades, "building an ecosystem with stronger resistance to competition".
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