Daily reviews

03.03.2020

Apple sees strong start to new month

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Oppenheimer said investors should buy the dip and assigned a $320 price target

Stocks impacted: Apple Inc (AAPL)

Apple stocks rallied 7% on Monday, as investors cheered an upgrade from Wall Street. Oppenheimer analyst Andrew Uerkwitz boosted his rating on the iPhone maker to “outperform” from “perform” and said the stock had been "oversold" amid last week's sell-off driven by concerns over the coronavirus outbreak. Oppenheimer said investors should buy the dip and assigned a $320 price target. The company’s shares were also helped by a broad Wall Street rebound. From Friday’s low, Apple stock has already recovered by 14.5%. In February, shares of Apple fell a victim of the chaos that COVID-19 has wrought on global supply chains and plunged nearly 12% despite its first-quarter fiscal year 2020 earnings report pointed to a record-breaking revenue earnings from the iPhone, wearables, and services.

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