Cowen, Longbow Both Upgrade Apple: What To Know

Apple Inc. AAPL investors are cheering a pair of new upgrades as both Cowen and Longbow believe the worst of Apple’s pullback is now in the past.

MarketWatch reports that Cowen analyst Timothy Arcuri upgraded Apple from Market Perform to Outperform and raised its price target from $125 to $135. According to Arcuri, the wave of iPhone sales and earnings estimate cuts should now be over, leaving little remaining downside for the stock.

“Street estimates finally look safe while [year-over-year] compares on iPhone units and overall Apple revenue are bottoming,” Arcuri explains.

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He also notes Apple’s potential switch to OLED iPhone screens starting in 2017 could provide a meaningful sales boost.

Cowen isn’t the only firm turning bullish on Apple this week. Longbow upgraded Apple from Market Perform to Outperform on Wednesday and upped its price target from $125 to $135.

After a rough start to 2016 that sent shares plummeting 11 percent before the end of January, Apple has since rebounded to a 4.4 percent gain on the year, outperforming the S&P 500. At around $110, the stock still remains well shy of its all-time highs in the mid-$130s.

Disclosure: the author holds no position in the stocks mentioned.