Shares in Apple surged 6.9% on Monday, helped by a broad Wall Street rebound and an upgraded rating from an analyst who said the iPhone maker’s stock had become oversold following last week’s rout related to fears about the new coronavirus. Monday’s bounce put the company’s stock on track for its largest one-day gain since December 2018, notes Reuters.
Oppenheimer upgraded its rating on Apple to “outperform” from “perform”, saying the tech giant was more prepared than its competitors to absorb the impact of the global health crisis. Apple’s stock tumbled over 16% from its record high on Feb. 12 through Friday.
“Our limited checks indicate Apple will prove more resilient than others as firms worldwide navigate changing supply chains and customer demand uncertainty,” Oppenheimer analyst Andrew Uerkwitz said in a note to clients.
