Apple: Wedbush maintains 'outperform' rating
(CercleFinance.com) - Wedbush Securities maintains its "outperform" rating on Apple, even after the tech giant announced that it would not meet its revenue guidance for the March quarter due to the ramifications of the Covid-19 virus.
"While this news is a tough pill to swallow for the bulls, Apple remains a company significantly exposed to this virus issue given the company's massive supply and demand tentacles throughout China," the US broker wrote in a note.
Wedbush believes that the warning is linked to timing issues rather than an extended supply/demand problem surrounding iPhones, meaning that its longer term bullish thesis on the name is still intact.
The broker - which is sticking to its 400-dollar target price for the stock - said it remains bullish on the company, in particular owing to what it calls "the longer term 5G super cycle thesis".
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