Benzinga | Jan 29, 2022 10:23AM EST

What Made The Lone Apple Bear Finally Change His Negative Stance On The Tech Giant?

Apple, Inc. (NASDAQ:AAPL) reported strong quarterly results on Thursday, which showed broad-based strength across product categories and geographies.

Apple shares had 24 Buy recommendations, 4 Hold ratings and 1 Sell rating ahead of its quarterly results, according to data compiled by TipRanks.

The lone bearish recommendation was from New Street Research analyst Pierre Ferragu, who went from Neutral to Sell on Apple in late May, reasoning that Apple's iPhone 12 sales momentum, aided by worldwide 5G adoption, could not be sustained.

The analyst also lowered his price target for the stock to $90 a share, at a time when they were trading around $125.

Related Link: Why 7 Apple Analysts Say Investors Should Take A Bite Of The Stock After Q1 Blowout

Following Cupertino's all-round first-quarter show, Ferragu deemed it fit to drop his bearish stance. The analyst noted that iPhone demand is trending well above his expectations, breaking the replacement dynamics observed in the past decade.

"Consumer demand for high-end electronics remains insane," Ferragu said.

He also regretted the lost opportunity to buy any of the dips.

Among the 29 analysts who rate Apple, the average price target for the shares is $191.54, suggesting an upside of about 13% from current levels.

Apple shares closed Friday's session at $170.33, up 6.98%.