Shares of Apple Inc. (AAPL) are up 0.5% in premarket trading Wednesday after Deutsche Bank analyst Jeriel Ong upgraded the stock to buy from hold, writing that the stock's valuation now looks attractive after the recent selloff. Shares have lost 14% over the past month, as the Dow Jones Industrial Average has dropped 24%. "With the recent correction so far, we feel comfortable that investors will return to four drivers of the stock (iPhone, AirPods, Services, and GM mix shift) when the market stabilizes," he wrote. "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." Though Ong sees near-term risks, he is upbeat about Apple's potential to earn $15 a share in calendar 2021.
-Emily Bary; 415-439-6400; AskNewswires@dowjones.com
(END) Dow Jones Newswires
March 25, 2020 07:49 ET (11:49 GMT)
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