Apple shares rise on Loop Capital upgrade

Apple shares rose today on an upgrade from Loop Capital. The Dow Jones Industrial Average ended October in a stock market correction, but quickly reentered an uptrend in the wake of the 2020 election results. Investor’s Business Daily’s top Dow Jones stocks to watch in November are Apple, Microsoft and Salesforce.com.

Apple shares rise on Loop Capital upgrade. Image: Apple logoScott Lehtonen for Investor’s Business Daily:

Apple stock moved further above its key 50-day support level Monday, according to MarketSmith chart analysis. Apple shares are about 13% away from a $138.08 conventional entry in a consolidation base. An early entry exists at $125.49.

Shares advanced more than 2% Monday after Loop Capital upgraded the stock from hold to buy with a $131 price target. Meanwhile, Morgan Stanley said early signs indicate that iPhone 12 sales are surpassing expectations.

According to the IBD Stock Checkup, Apple stock shows an 82 out of a best-possible 99 IBD Composite Rating. The Composite Rating — an easy way to identify top growth stocks — is a blend of key fundamental and technical metrics to help investors gauge a stock’s strengths. Apple stock is on IBD’s Leaderboard watchlist.

MacDailyNews Note: Morgan Stanley analyst Katy Huberty gave her own upgrade to Apple as she raised her bull-case price target on Apple stock to $191 from $171. She kept her base-case price target at $136 and reiterated her overweight rating on Apple stock. “Our conviction in the AAPL bull case is rising with iPhone 12 Pro lead times at record levels, upward revisions to supply-chain forecasts, and U.S. carriers noting strong initial demand,” Huberty wrote today in a note to clients.

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