On July 31, Beijing time, JP Morgan said on Friday that the loyalty of Apple customers and the response to the new crown epidemic have proved that physical stores are not necessary to boost the sales of its products. Apple’s share price surged 6.24% to $408.76 due to its impressive quarterly results, and its share price is expected to reach a record high after the opening. In response to the novel coronavirus pneumonia surge,

, the US’s most valuable company, was forced to shut down more than 70 stores in the third quarter, but consumers were not affected, and sales exceeded analysts’ expectations of $4 billion.

revenue in all categories and regions increased significantly in the quarter, along with a substantial stock split, which made Wall Street and investors happier.

this performance fully illustrates the importance of Apple products to consumers and shows that consumers are willing to avoid the traditional practice of buying from physical channels, said Samik Chatterjee, an analyst at JPMorgan Chase.

during the blockade, people preferred to shop at home, and online retailers have become big winners, which has put shopping centers and physical stores around the world in crisis.

Amazon, an e-commerce giant, also benefited from online shopping. Driven by a 48% increase in online store sales, the e-commerce giant made the largest profit in its history.

at present, at least seven brokers have raised the 12-month target price of Apple shares, of which Piper Sandler has the largest increase, raising the target price by $160 to $450.