Shares in Apple (AAPL.O) surged 9.3% on Monday, helped by a broad Wall Street rebound and an upgraded rating from an analyst who said the iPhone maker’s stock had become oversold following last week’s rout related to fears about the new coronavirus.
Oppenheimer upgraded its rating on Apple to "outperform" from "perform," saying the Cupertino, California, company was more prepared than its competitors to absorb the impact of the global health crisis. Apple’s stock tumbled over 16% from its record high on Feb. 12 through Friday.
Monday’s bounce put Apple’s stock on track for its largest one-day gain since December 2018. The company relies heavily on China, where the coronavirus has hit production at its factories and kept consumers away from retail shops.
Oppenheimer analyst Andrew Uerkwitz wrote in a client note to client: "Our limited checks indicate Apple will prove more resilient than others as firms worldwide navigate changing supply chains and customer demand uncertainty." For more read the full Reuters report.
You can also keep on top of AAPL's performance today here. The chart below was added at 3:41 p.m. PST after the bell, with AAPL closing at a high.
Whether the bull rally will continue throughout the week is another matter but for now it's a little relief for shareholders.
Reuters has also posted another report today titled "Coronavirus clouds Apple's timeline for new iPhones." While the report walks its readers through a normal process of how an iPhone comes to final production, there's too many ifs in play for 2020 iPhones for it to be of much value. However, if you're still interested, then check it out here.