Bank of America believes Apple's Covid stability will change the way investors view the stock

People wearing face masks look at a cellphone outside an Apple store during a May Day holiday in Shanghai on May 1, 2020.
Hector Retamal | AFP | Getty Images

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Apple's resiliency through the coronavirus pandemic warrants a higher valuation for the technology giant, according to Bank of America.

The Wall Street firm — which has a buy rating on the stock — hiked its 12-month price target on Apple to $390 per share from $340 per share, making it the highest target on the Street, according to FactSet. The new target implies a 10% rally from Wednesday's record close of $352.84.