Deutsche Bank cuts Apple target, upgrades rating to Buy from Hold

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.

Be First to Comment

    Leave a Reply