Shares of Apple (NASDAQ:AAPL) rose more than 3% in premarket trading Monday after Oppenheimer upgraded the stock, citing the co.’s increasing ability to “turn technology into deeply personal and indispensable everyday objects from phones to Watch to AirPods.”
Oppenheimer raised AAPL to “Outperform” from “Perform” with a $320 price target, representing 17% upside to Friday’s close. The stock opened Monday’s trading nine points higher, to $281.80.
Oppenheimer added that Cupertino’s “products and services will prove more resilient than competitive products in uncertain times.” Additionally, the firm noted Apple’s strong balance sheet which offers it “tremendous flexibility to keep the supply chain nimble as well as continuing to support its capital return plan.”
Apple closed Friday at $$273.36, up more than 55% year-over-year. The name has lost 6.90% year-to-date.
In other tech news
Twitter (NYSE:TWTR) shares rose 8 percent in premarket trading after Elliott Management (EM), an “activist investor” firm, announced the acquisition of about $1 billion worth of Twitter shares.
Bloomberg, which was first to report the news, said the investment group “plans to push for changes at the social media company, including replacing (Twitter CEO) Dorsey”.
EM thinks pushing out Dorsey, who is also chief executive of online payment company Square (SQ), will make Wall Street value TWTR more favorably.
Twitter stock was up 7.70% to $35.79 in Monday’s early session. Ticker is up 17.25% year-over-year through Friday versus the S&P 500’s 6.50% gain.