Apple's Stock Jumps After Analyst Turns Bullish

By Tomi KilgoreMarketWatch Pulse

Apple Inc.'s stock jumped 1.1% in premarket trade Monday, after the technology giant was upgraded at Mizuho Securities, which said it believes the recent selloff has left investors with "meaningful" upside potential. Analyst Abhey Lamba raised the rating to buy, after being at neutral for the last year. "While we acknowledge weaker data points from the supply chain and softness in China, we believe similar to last year, investors are likely making a mistake in extrapolating the data to eternity," Lamba wrote in a note to clients. Lamba's new stock price target of $120, which was cut from $125, is 24% above Friday's closing price of $96.96. The stock has tumbled 19% since the end of October through Friday, while the Dow Jones Industrial Average has lost 7.5%. Separately, Susquehanna Financial analyst Chris Caso cut his stock price target to $140 from $155, but reiterated his positive rating, saying the stock has "hopefully" neared a bottom.

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