Bank of America Securities analyst Wamsi Mohan on Thursday upgraded Apple stock to “Buy” from “Neutral” and raised his AAPL price target to $225 from $208 citing generative AI contributions to iPhone sales and the company’s upcoming Vision Pro spatial computer as sales drivers.
Patrick Seitz for Investor’s Business Daily:
In a client note, Mohan predicted a “stronger multiyear iPhone upgrade cycle” as consumers replace older handsets to take advantage of generative AI features coming this year and next.
Apple’s Vision Pro spatial computing headset also should provide a sales lift, he said. Preorders for the device begin Friday, with product availability starting Feb. 2.
Mohan also forecast higher growth in services as Apple better monetizes its installed base.
MacDailyNews Note: In Thursday morning trading, Apple shares are up $4.75 (+2.60%) to $187.43. Apple all-time high was set on December 14, 2023 at $199.62. Apple’s market value currently stands at $2.901 trillion, making it the second most valuable company in the world after Microsoft at $2.918 trillion.
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Amazing how much information about Apple’s business future is coming out all the time to first downgrade the stock a few weeks ago and now upgrade it. It’s almost as if it’s done on a whim for the benefit of people we don’t know and doesn’t really have anything to do with the strengths or weaknesses of the company…