After an initial surge, Apple Inc. (NASDAQ: AAPL) shares fell by 1.2% in early afternoon trading on Tuesday, as they faced mixed market sentiment. As of 1:30 p.m. ET, the stock was reflecting a downturn despite a positive upgrade from Bank of America. Analyst Wamsi Mohan upgraded Apple to a buy rating, forecasting a price target of $210, primarily based on anticipated strong iPhone sales and services growth.
However, in the same breath, Apple has reinstated its mask mandate across all U.S. retail stores due to rising COVID-19 cases, which is a reversal from prior policy changes made last month. This reimplementation could impact customer traffic, albeit Apple previously experienced a robust 29% sales growth and 62% earnings growth before the new restrictions.
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