Cowen bumps AAPL to $470, says it's a 'defensive stock' for a post-coronavirus world

Investment bank Cowen has raised its AAPL price target to $470 on Apple's better-than-expected June quarter results and its continuing status as a "defensive" stock.

Credit: Andrew O'Hara, AppleInsider
During the June quarter, sales of iPhones were resilient and strong Mac and iPad demand showed the "durability" of Apple's portfolio, lead analyst Krish Sankar wrote in a note to investors seen by AppleInsider. The results have set an "encouraging outlook" for Apple into 2021, based mostly on continued Services momentum and the upcoming "iPhone 12" cycle.

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