Shares of Apple (AAPL) ended the day at $298.81, up $25.45 from its closing price on Friday. The rise in price came as part of an overall recovery for the stock market from last week’s market drop due to concerns surrounding the coronavirus crisis. Apple stock had plunged more than 16% last week.
Oppenheimer today upgraded its AAPL rating from “perform” to “outperform,” saying the iPhone maker was better equipped to deal with the impact of the global coronavirus crisis than its competitors.
“Our limited checks indicate Apple will prove more resilient than others as firms worldwide navigate changing supply chains and customer demand uncertainty,” said Andrew Uerkwitz, an analyst at Oppenheimer.
Apple told investors last month that it would not meet its revenue goals for the March quarter due to store closures in China and supply issues. The Cupertino firm is expected to share more information during its April earnings call.
During an interview with Fox Business last week, Apple CEO Tim Cook said he believes China is starting to get the Coronavirus situation under control and expressed optimism that things will return to normal.