The COVID-19 pandemic hurt Apple’s fiscal Q2 sales and earnings and is expected to do the same in the current quarter, but Wall Street analysts already are thinking post-coronavirus when it comes to Apple stock.
Wedbush Securities analyst Daniel Ives on Tuesday raised his 12-month price target on Apple stock to 350 from 335. He also reiterated his outperform rating. ves described the company’s upcoming iPhone 12 series as “the light at the end of the tunnel for Apple.” when it comes to the tech giant’s post-coronavirus life. Those handsets will include Apple’s first 5G iPhones. They are due out in September at the earliest but should be ready before the holiday shopping season.
Elsewhere on Wall Street, UBS analyst Timothy Arcuri reiterated his buy rating on Apple stock with a price target of $325. “Though initial view that spend on Apple products is more discretionary and could be impacted in a downturn is somewhat valid, we believe there is pent-up demand as purchase intent has improved and consumers have more discretionary spend available (fewer vacations, dining out, etc.),” Arcuri said in a note to clients.
MacDailyNews Take: Even before we get past COVID-19, 5G iPhones and Services bode well for Apple and Apple’s stock price.