Deutsche Bank Upgrades Apple (AAPL) to Buy Amid Sell-Off

(Updated - March 25, 2020 7:25 AM EDT)

(updated to add analyst comments)

Deutsche Bank analyst Jeriel Ong upgraded Apple (NASDAQ: AAPL) from Hold to Buy with a price target of $270.00 (from $295.00).

"We are upgrading AAPL to a Buy rating in light of the recent market correction," Ong commented. "AAPL has long been a quality company that we've admired but have felt the recent valuation run was too rich for us from a risk-reward standpoint. With the recent correction so far, we feel comfortable that investors will return to 4 drivers of the stock (iPhone, AirPods, Services, and GM mix shift) when the market stabilizes."

"While there are risks (retail closures, supply chain/timing disruptions, overall macro impacts to purchasing), we believe they are more near-term than long-term in nature," he added. "Furthermore, we concede that our updated model may not be adequately de-risked for the near-term downside given the unknowns (store closures, length of country isolations and which ones, whether near-term issues cause a long-term recession, etc)."

For an analyst ratings summary and ratings history on Apple click here. For more ratings news on Apple click here.

Shares of Apple closed at $224.37 yesterday.

You May Also Be Interested In

• Advance Auto Parts (AAP) PT Lowered to $48 at DA Davidson Following 25% Selloff Post Q2 Results
• Mizuho Reiterates Outperform Rating on Broadcom Limited (AVGO) Into EPS
• Freedom Broker Upgrades Walmart (WMT) to Buy