Analyst Andrew Uerkwitz says Apple’s products and services will prove more resilient than competitors’ during uncertain times.
From a note to clients that landed on my desktop Monday:
Apple has mastered the art to turn technology into deeply personal and indispensable everyday objects from phones to Watch to AirPods. We believe Apple products and services will prove more resilient than competitive products in uncertain times. Additionally, Apple’s strong balance sheet offers the company tremendous flexibility to keep the supply chain nimble as well as continuing to support its capital return plan. Given the late stage smartphone adoption and Apple’s stronger resistance to competition, we expect temporary shifts of iPhone shipment between product cycles to have an immaterial impact on the stock. Put together, we would be buyers of weakness, and we upgrade to Outperform.
Upgrades to Outperform from Perform, sets $320 price target.
My take: This is this first price target for Apple from Oppenheimer in more than three years.