Shares of Apple (NASDAQ: AAPL) have popped today, up by 6% as of 3 p.m. EST, after receiving an upgrade from Wall Street. Oppenheimer analyst Andrew Uerkwitz boosted his rating on Apple to outperform, arguing that the stock had been "oversold" amid last week's hectic correction that was driven by fears around the coronavirus outbreak.
Global markets were in utter chaos last week over concerns that the viral epidemic could cause a macroeconomic slowdown as the outbreak spreads to more countries. Apple had already warned last month that it would miss its guidance in the first quarter due to the public health crisis, which is disrupting its supply chain and iPhone production capacity.
Image source: Apple.
Source Fool.com