Bank of America Securities analyst Wamsi Mohan has downgraded Apple's stock to a "neutral," citing a new balance to risk and reward as the stock has hit new highs following a blockbuster earnings report.
Apple's stock price has hit a new milestone of $400 per share in after hours trading on Thursday after the company reported better-than-expected quarterly earnings of $59.7 billion for its third fiscal quarter of 2020.
Apple has announced that it will reveal its quarterly earnings for the third fiscal quarter of 2020 on July 30, detailing how the company is faring during post-WWDC and during a surge in new COVID-19 cases in the U.S.
Amid one of the worst economic downturns in years, Apple has outperformed most expectations that analysts have placed on it. Just shy of two months into the COVID-19 pandemic, its share price has returned to levels not seen since before the crisis.