FILE PHOTO: The logo of U.S. technology company Apple is seen at a branch office in Basel, Switzerland March 2, 2020. REUTERS/Arnd Wiegmann
SAN FRANCISCO (Reuters) – Shares in Apple (AAPL.O) surged 6.9% on Monday, helped by a broad Wall Street rebound and an upgraded rating from an analyst who said the iPhone maker’s stock had become oversold following last week’s rout related to fears about the new coronavirus.
Oppenheimer upgraded its rating on Apple to “outperform” from “perform”, saying the Cupertino, California, company was more prepared than its competitors to absorb the impact of the global health crisis. Apple’s stock tumbled over 16% from its record high on Feb. 12 through Friday.
Monday’s bounce put Apple’s stock on track for its largest one-day gain since December 2018. The company relies heavily on China, where the coronavirus has hit production at its factories and kept consumers away from retail shops.
“Our limited checks indicate Apple will prove…
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