Apple to Re-Close 11 Stores Because of Coronavirus Spikes

The closures are in Florida, Arizona, North Carolina and South Carolina. Earlier this week, Apple announced more than 70 reopenings.
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Apple  (AAPL) - Get Report announced Friday that it will shut 11 of its U.S. stores once more as the coronavirus pandemic has spiked again in various parts of the country.

The closures are in Florida, Arizona, North Carolina and South Carolina. Infection numbers are rising in those states.

“Due to current Covid-19 conditions in some of the communities we serve, we are temporarily closing stores in these areas,” the tech giant said in a statement.

“We take this step with an abundance of caution as we closely monitor the situation, and we look forward to having our teams and customers back as soon as possible,” Apple added,

Just this week, Apple announced it would reopen more than 70 U.S. stores, including locations in New York City. That would have meant 220 of its 271 U.S. stores would be open. Apple closed all its U.S. stores in March because of the coronavirus pandemic.

Apple last month noted that re-closings of stores would always be a possibility.

“These are not decisions we rush into - and a store opening in no way means that we won’t take the preventative step of closing it again should local conditions warrant,” the company said.

Jefferies raised its price target on Apple on optimism about the tech giant’s 5G opportunity later this year.

Jefferies analyst Kyle McNealy raised his price target to $405 from $370 and wrote that he expects there to be four iPhone 12 models, with the two higher-end Pro models featuring 5G millimeter wave technology.

Apple shares recently traded at $348.18, down 1.01%. The stock has soared 41% over the last three months, compared to 30% for the S&P 500.