Apple: Deutsche Bank upgrades to 'buy'
(CercleFinance.com) - Deutsche Bank has upgraded Apple from "hold" to "buy" in light of the recent market correction, even though the broker has cut its target price from 295 dollars to 270 dollars.
"Apple has long been a quality company that we've admired but have felt the recent valuation run was too rich for us from a risk-reward standpoint," analysts said in a note to clients.
Following the recent correction, the analysts said they feel comfortable that investors will return to the stock's four drivers (iPhone, AirPods, services, and the margin mix shift) once the market stabilizes.
Apple shares were up 0.8% on Wednesday morning on the Nasdaq. They have still lost 16% year-to-date.
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