Apple added to ‘Tactical Outperform’ list at Evercore ISI

Evercore ISI analyst Amit Daryanani added Apple to the firm’s “Tactical Outperform” list as the firm thinks buyside expectations are likely below current consensus, so an in-line quarter would likely drive upside. Apple stock has underperformed over the last few weeks, driven by worries ranging from China demand to watch bans to regulatory risk, but the firm thinks Apple should be able to report “modest upside” for its December-end quarter and guide to March-end quarterly results “in the zip-code of street expectations,” the analyst tells investors. Evercore maintains an Outperform rating and $220 price target on Apple shares.