Goldman Sachs: "We Were Wrong" On Apple, Inc. -- April 29, 2021

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After a blowout quarter from tech giant Apple, Goldman Sachs' long-time bearish analyst covering the stock is admitting defeat.

"We are upgrading our rating from Sell to Neutral after Apple posted another large beat and implied a raise vs. our June revenue expectations. Our original view that the iPhone cycle would disappoint in the midst of COVID was clearly wrong. Not only has Apple done better than we expected on iPhone during the cycle but Mac and iPad have also materially outperformed our forecasts," analyst Rod Hall said in an early morning note Thursday after Apple's second quarter earnings.

Hall acknowledges that since he placed Apple's stock on Goldman's closely watched Americas Sell List on April 16, 2020, shares have surged 86%. The S&P 500 is up 49%.