Wamsi Mohan from Bank of America has tweaked his target price for Apple stock, and is slightly reducing what he expects from the company for 2020, mostly because of supply and demand impacts from the coronavirus pandemic.
Despite mounting risks in mainland China, Bank of America Securities upped its price target another 7% on shares of Apple this week, saying the international roll out of 5G should help the company sustain consistent sales of over 200M iPhones over the next few years.
Bank of America has changed its stance on Apple's shares by upgrading it from "neutral" to "buy," with analysts suggesting the current state of the iPhone producer's stock "presents opportunity" with multiple prospects for growth from healthcare and the Services business.
After a supply chain visit, Bank of America Merrill Lynch is the latest firm to predict a launch up to a month later than usual for the as-yet unannounced "iPhone 8" and an accompanying drop in sales through the end of the calendar year — but still a blockbuster 2018 ahead for Apple.
Bank of America Merrill Lynch upgraded Apple stock from "Neutral" to "Buy" on Tuesday, with an analyst at the firm suggesting that any worries about channel or supply chain checks are already factored into share prices.