Apple temporarily shut its 53 retail stores in California amid rising COVID-19 cases across the state, according to a CNBC report.
In an email reply to CNBC, an Apple (AAPL) spokesperson said, “Due to current Covid-19 conditions in some of the communities we serve, we are temporarily closing stores in these areas.” The spokesperson further added, “We take this step with an abundance of caution as we closely monitor the situation and we look forward to having our teams and customers back as soon as possible.”
Customers will be able to shop online and get product help and information about stores through its website, the spokesperson told CNBC. (See AAPL stock analysis on TipRanks)
The report comes after Bloomberg on Dec. 18 reported that the iPhone maker is temporarily closing its stores in Los Angeles due to the resurgence of coronavirus cases.
On Dec. 16, Morgan Stanley analyst Kathryn Huberty lifted the stock’s price target to $144 (13.7% upside potential) from $136 and reiterated a Buy rating. Hubert raised Apple’s revenue and EPS estimates for fiscal 2021 citing a “flurry of product launches” including new iPhone, Mac, iPad and wearable devices over the last nine months.
Overall, the Street has a cautiously optimistic outlook on the stock. The Moderate Buy analyst consensus is based on 23 Buys, 6 Holds and 1 Sell. The average price target stands at $131.88 and implies upside potential of about 4.1% to current levels. Shares have gained 72.5% year-to-date.
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