Apple to Reopen Some U.S. Stores Next Week


Apple Inc. (AAPL) will resume operations at its retail stores in the U.S after a two-month hiatus, commencing with locations in Idaho, South Carolina, Alabama, and Alaska, CNBC reported over the weekend.

The stores, which have been shut since mid-March to help contain the coronavirus spread, will operate on reduced hours and will primarily focus on repairs, with Apple encouraging customers to purchase online where possible.

“We’re excited to begin reopening stores in the US next week, starting with some stores in Idaho, South Carolina, Alabama and Alaska,” an Apple representative said in a statement. “Our team is constantly monitoring local heath data and government guidance, and as soon as we can safely open our stores, we will.”

Apple has in recent weeks started to reopen shops in South Korea, Australia, and Germany.

Earlier this month, the iPhone maker beat the market reporting higher-than-estimated fiscal second-quarter earnings and revenue despite the COVID-19 global impact, as its install base of active users reached an all-time high in all geographic segments as well as all major product categories.

Shares in Apple have recovered from this year’s low at the end of March, appreciating some 38% since and trading at $310.13 as of Friday.

Five-star analyst Toni Sacconaghi at Bernstein on Thursday maintained a Hold rating on the stock with a $285 price target, projecting shares will depreciate 8.1% from current levels.

“While AAPL remains expensive and has outperformed YTD, we believe the near-term and longer-term story continues to be somewhat attractive,” Sacconaghi wrote in a note to investors.

Turning now to the rest of the analyst community, TipRanks data shows that a more bullish outlook prevails. Out of 33 Wall Street analysts, a majority of 28 assign Buys, 4 have Holds and 1 has a Sell. The $319.86 average price target indicates a mere 3.1% upside potential in the shares in the coming 12 months. (See Apple stock analysis on TipRanks).

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