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Information Technology : Technology Hardware, Storage & Peripherals | Large Cap Blend
Company profile

Apple Inc. designs, manufactures and markets mobile communication and media devices, personal computers and portable digital music players. The Company sells a range of related software, services, accessories, networking solutions, and third-party digital content and applications. The Company's segments include the Americas, Europe, Greater China, Japan and Rest of Asia Pacific. The Americas segment includes both North and South America. The Europe segment includes European countries, India, the Middle East and Africa. The Greater China segment includes China, Hong Kong and Taiwan. The Rest of Asia Pacific segment includes Australia and the Asian countries not included in the Company's other operating segments. Its products and services include iPhone, iPad, Mac, iPod, Apple Watch, Apple TV, a portfolio of consumer and professional software applications, iPhone OS (iOS), OS X and watchOS operating systems, iCloud, Apple Pay and a range of accessory, service and support offerings.

Premarket

Last Trade
Delayed
$128.80
1.66 (1.31%)
Bid
--
Ask
--
B/A Size
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Market Hours

Closing Price
$127.14
Day's Change
0.00 (0.00%)
Bid close
--
Ask close
--
B/A Size
--
Day's High
--
Day's Low
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Volume
(Light)
Volume:
130,693

10-day average volume:
107,449,084
130,693

Pinterest stock climbs to a record as Snap's blowout earnings, BofA upgrade provide a big boost

12:19 pm ET October 21, 2020 (MarketWatch)
Print

Tomi Kilgore

BofA Securities analyst turns bullish, raises stock price target to a Street high

Shares of Pinterest Inc. soared toward a record Wednesday, as Snap Inc.'s blowout results enticed BofA Securities analyst Justin Post to turn bullish.

The photo-sharing website's stock (PINS) shot up as much as 15% earlier to an all-time intraday high of $52.05, before paring gains to be up 10.8% in active midday trading. The stock is well above Monday's record close of $45.82.

Trading volume swelled to 31.7 million shares, more than doubled the full-day average of about 14.7 million shares.

The rally comes as Snap's stock (SNAP) rocketed 34.7%, also to a record high, after the social-media company reported a surprise third-quarter adjusted profit (https://www.marketwatch.com/story/snap-stock-rockets-18-after-surprise-profit-and-huge-revenue-beat-11603225638) and revenue and user growth that crushed expectations.

BofA's Post upgraded the stock to buy from neutral, while raising his stock price target to $58 from $45. His new target, which is about 16% above current levels, is higher than the targets of all of the 29 analysts surveyed by FactSet.

"Snap announced 3Q results with revenues significantly above the Street, another sign of a strong online advertising rebound, and suggesting traction for self-serve ad platforms with e-commerce exposure," Post wrote in a note to clients.

He said he has been bullish on the online ad sector, but he had been hesitant to recommend investors buy Pinterest, given the stock's valuation and uneven growth.

"However, with ad checks highlighting confidence in Pinterest's strong user intent and ad platform innovation, (such as automated bidding), we are upgraded to buy," Post wrote.

The stock soared 169.3% year to date, while Snap shares have run up 134.7% and the S&P 500 index has gained 6.5%.

-Tomi Kilgore; 415-439-6400; AskNewswires@dowjones.com

(END) Dow Jones Newswires

October 21, 2020 12:19 ET (16:19 GMT)

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