JPMorgan analyst Samik Chatterjee has reaffirmed his bullish stance on Apple, upgrading the stock’s price target to $265 from $245. Chatterjee believes Apple is poised for a hardware upgrade cycle driven by artificial intelligence advancements. He expects the upcoming fiscal Q3 report to provide further evidence of this potential growth trajectory.
Patrick Seitz for Investor’s Business Daily:
Investment bank JPMorgan on Wednesday put Apple (AAPL) stock on its “positive catalyst watch” ahead of the consumer electronics giant’s June-quarter [fiscal Q3] earnings report.
Investor focus is likely to pivot to looking beyond calendar 2024 starting with the fiscal Q3 report, Chatterjee said. Apple’s September quarter will be a “launchpad” for the company’s AI-enabled hardware, starting with the iPhone 16 series.
“Apple (is) well positioned to drive higher confidence from the upcoming earnings print relative to the shares representing a solid ‘edge AI’ play heading into the upcoming fiscal years,” he said in a client note.
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MacDailyNews Take: Apple’s stock price is down nicely currently for those who like to accumulate on the dips.
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I’d think twice about buying on this pretty minor dip. Apple’s had a huge run-up since they decided to join other companies in the AI name dropping game. Analysts upgraded Apple immediately, basing their opinion on some supposed “Supercycle” in iPhone 16 demand that’ll supposedly happen as a result of AI features included in iOS 18 that’ll only work on new handsets.
Well, we’re now well into the iOS beta cycle – I just installed developer beta 4 – and there’s yet to be a single AI feature to be seen. As I noted before, it’s pretty clear from this that when the iPhone 16 gets introduced there won’t be any AI in iOS 18. As others have concurred, we’ll likely not see AI features until spring of 2025 – so when iPhone 16 has its biggest quarter (pre-xmas), there won’t be any AI related motivation for people to buy it. Any AI-related super cycle analysts are jacking Apple’s 12-month price forecast based on, won’t materialize for more than 12 months – in September 2025. If at all.
Apple will be left with a lot of egg on their faces with no AI this year. ChatGPT integration will definitely be there in the fall, something will be improved with Siri but it’s obviously not ready yet. That’s modern-day, seat of your pants Apple for you.