2024-06-18 16:55:00 ET
Apple (NASDAQ: AAPL) investors have been cheering lately as the iPhone maker's stock soared from roughly $197 on June 7 to more than $220 on June 12. It has retreated since, closing Tuesday at just over $214 a share -- but one Wall Street analyst now says it's a buy.
On Friday, Germany's Erste Group Bank upgraded Apple stock from neutral to buy.
As StreetInsider reports, Erste analyst Hans Engel thinks the company's popularity with teens, and their intense loyalty to the brand -- with 90% of U.S. teenagers preferring iPhones to the alternatives -- are competitive advantages for Apple. The analyst also likes the tech titan's record of innovation, developing feature-rich, high-end devices and ever-faster chips for its Mac computers to keep its customers coming back for more.
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Is Apple Stock a Buy at $214? 1 Wall Street Analyst Thinks So