From SA Breaking News: Deutsche leaves Apple sidelines after sell-off.
- Deutsche Bank upgrades Apple from Hold to Buy, citing the valuation after the recent sell-off, which has shares down nearly 16% YTD.
- Analyst Jeriel Ong: “With the recent correction so far, we feel comfortable that investors will return to four drivers of the stock (iPhone, AirPods, Services, and GM mix shift) when the market stabilizes.”
- Ong still sees near-term risks in the retail store closures and supply chain disruptions, but the analyst is optimistic about the company’s potential to earn $15/share in CY21.
Upgrades to Buy from Hold, lowers price target to $270 from $295.
I’ve asked for the note.