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.
Parallel reports have all recently claimed that Apple has decided to "delay the mass production" of its upcoming "iPhone 12", but these reports don't offer any meaningful evidence that this could result in a materially late launch. Here's a look at why.
Citing a trio of trends it expects to power Apple through the ongoing COVID crisis, investment bank JP Morgan on Monday recommended that investors use any post-earnings recalibration of the company's share price to make incremental adds to their existing positions.
Veering on the side of caution, investment bank Goldman Sachs said Friday it's cutting its rating and price target on shares of Apple amid mounting uncertainty over the impact of COVID-19 on near-term consumer spending on items such as iPhones.
Morgan Stanley said Friday it is reducing expectations for Apple through fiscal 2021 to better align with the bank's macro view that GDP growth will take a greater hit than previously expected, due largely to a prolonged consumer recovery.
The "once in a century" coronavirus outbreak is forcing Daniel Ives from Wedbush to tailor estimates for Apple downward, mostly based on iPhone demand deterioration in the short term and an "iPhone 12" release later than expected.
The opening of markets on Monday commenced with a bleak outlook for Apple's immediate future, as inter-session trading over the weekend dramatically cut the share price of the iPhone maker and other major stocks, caused through the ongoing coronavirus panic by investors.
Following after a weekend battering as part of a global financial meltdown caused by the coronavirus, Apple's stock has bounced back from Monday's sudden drop, with the share price considerably recovering near to Friday's closing price in premarket trading.
Apple's shares have taken a hammering over the weekend in after-hours trading, with the share price set to open on Monday morning at about $20 below its value at the end of trading on Friday afternoon, its biggest drop in five years.