In the first couple of days following Black Friday, Apple stock climbed about 7%. The market value gain came as Wall Street turned even more bullish on the Cupertino company.
Sell-side upgrade on the stock
It all started on November 30, a day when the broad market did not fare all that well. Loop Capital’s analyst Ananda Baruah saw enough reasons to upgrade Apple from hold to buy. According to him:
“Apple shares have historically outperformed in scenarios of consistent upside to Wall Street forecasts or as negative trends, principally iPhone shipments, stop worsening.”
The analyst did not seem to forget any major area of the business to justify the upgrade: Mac, iPad, AirPod, Watch and Services. Even optimism towards the speculated iPhone 13 supported bullishness. Ananda’s earnings-per-share estimate is now about 10% above consensus.
Not to be outdone, old-time Apple bull Katy Huberty, from Morgan Stanley, also weighed in.