Bank of America upgraded Apple to buy from neutral, boosting shares of the iPhone maker on Monday.
Bank of America upgraded Apple shares to buy from neutral on Monday, saying the recent pullback in the stock"presents opportunity."
div > div.group > p:first-child"> The bank also raised its 12-month price target to $210 from $180. Apple's shares rose 1.7 percent in premarket trading Monday to $175.80."AAPL stock is down 26% from its peak and up 9% YTD . Our scenario analysis suggests that shares are discounting a"declining hardware" scenario , and the debate hinges on the L/T trajectory. In our opinion, weakness in hardware is not entirely structural.
Mohan, who made a prescient downgrade of the stock at the start of November, listed in the note eight other reasons why Apple is a buy here including"stability of supply chain order cuts" and"growth across healthcare, wearables and increasing services penetration."
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