UBS Sell and $17 target!, page-1319

There are a number of people here who don't understand that not every stock is equally impacted by COVID-19. Stocks like Netflix and Amazon thrive in this environment, hence new ATHs. Then there are travel and tourism stocks that would be at the extreme end of being badly affected. Then there is everything in between.

Where does APT sit? Closer to Netflix than to Qantas judging by the latest report. So even if there is a second wave and even if markets drop further, that does NOT automatically mean you'll see APT below $20.

I keep repeating the same message again and again and again. An investor needs to objectively look at how businesses are affected in the current environment and not oversimplify it into "Unemployment rate will continue rising so this share will drop". That's very naive investing.

Fiscal and monetary policy actions should be considered. A view on how the company will fare post COVID-19 (a temporary event). Financial health should be considered including balance sheet and cash flows. Management's ability to exercise risk management should be considered. And so much more.