Apple's quarterly results proved to analysts that the iPhone maker's stock is the place to hide when a recession hits.
Apple 's quarterly results proved to analysts that the iPhone maker's stock is the place to hide when a recession hits. The technology giant reported results after the bell Thursday that surpassed analysts' estimates . Revenue for iPhone fell short of expectations but rose 10% year over year. Shares rose nearly 1% in premarket trading Friday.
"While tonight's results don't settle the consumer debate, Apple remains best of breed, in our view," wrote Morgan Stanley's Erik Woodring in a note to clients, saying that the results underscore the "durability" of Apple's offerings. He maintained the bank's overweight rating on the stock, with its $177 price target suggesting shares can more than 22%.
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