Here are the biggest calls on Wall Street on Tuesday:
UBS raised its price target on the stock on iPhone "optimism."
"Apple stock has outperformed the broader market in anticipation of a strong 5G upgrade cycle. Our Asia supply chain work supports four 2020 iPhone models. In aggregate, we see 65MM 5G units for 2020. We are more optimistic on 5G upgrade based on our latest smartphone survey data (22% citing 5G as a factor, though still lagging performance related factors)."
Atlantic Equities downgraded Apple and said it believed the 5G cycle was "fully priced in."
"The stock's recent run has been driven by growing optimism for the 5G iPhone cycle, ongoing strength of Services and Wearables and apparent robust iPhone 11 demand. However, we believe upside potential from the 5G cycle is now more than fully priced in, Services and Wearables are unlikely to be a source of material upside and iPhone 11 could still disappointment, leaving risks now skewed to the downside, in our view."
Read more about this call here.