Oppenheimer Upgrades Apple (AAPL) to Outperform; 'Buyers on Weakness'

Oppenheimer analyst Andrew Uerkwitz upgraded Apple (NASDAQ: AAPL) from Perform to Outperform with a price target of $320.00.

The analyst commented, "Apple has mastered the art to turn technology into deeply personal and indispensable everyday objects from phones to Watch to AirPods. We believe Apple products and services will prove more resilient than competitive products in uncertain times. Additionally, Apple's strong balance sheet offers the company tremendous flexibility to keep the supply chain nimble as well as continuing to support its capital return plan. Given the late stage smartphone adoption and Apple's stronger resistance to competition, we expect temporary shifts of iPhone shipment between product cycles to have an immaterial impact on the stock. Put together, we would be buyers of weakness, and we upgrade to Outperform."

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 $273.52 yesterday.

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