CNBC Pro

Goldman admits it was wrong on Apple, upgrades stock

Silhouette of a mobile user seen next to a screen projection of the Apple logo in this picture illustration taken March 28, 2018.
Dado Ruvic | Reuters

Apple's strong performance over the last two quarters has forced Goldman Sachs to back away from its bear case on the stock.

The tech giant on Wednesday reported blowout results for its fiscal second quarter, with iPhone sales easily beating expectations and climbing more than 60% year over year. In response, Goldman analyst Rod Hall upgraded the stock to neutral from sell, saying that the strength of the flagship iPhone was undeniable.