Apple's stock has tumbled alongside the broader market during the coronavirus shutdown, more than 25% off its most recent high in February. Apple was one of the first companies effected by COVID-19 because of its large presence in China, the virus's original epicenter. IPhone factories shut down as Asia dealt with the virus threatening Apple's supply chain. Now, the company is being hit on the demand side with store closures in America due to the "stay-at-home" orders. "While there is always risk that earnings could surprise negatively if social distancing measures last longer or consumer balance sheets deteriorate more, we believe Apple is best positioned to recover to its prior long-term revenue and earnings trajectory in light of industry leading customer retention rates and a strong balance sheet that enables outsized investment relative to peers, even in a prolonged downturn," Huberty added.