Wamsi Mohan, senior IT hardware analyst at BofA Securities, said investors should buy Apple on The Claman Countdown.
Apple shares rose to a record high during Monday’s trading session after Morgan Stanley named the company a “top pick” due to the company’s financial performance. Artificial Intelligence (AI) Push to increase device sales.
Last month, Apple Apple Intelligence The move is intended to encourage customers to upgrade their devices to the latest models with new AI features, and comes as Apple is seen to be lagging behind Alphabet Inc.’s Google and Microsoft-backed OpenAI in the AI race.
Apple shares hit $236.30 in morning trading on Monday, giving the company a market capitalization of $3.62 trillion, the highest in the world. Though it has since given back some of its gains, Apple shares are still up more than 1.9% and trading around $235 a share as of early afternoon.
“Apple Intelligence is a clear catalyst for boosting iPhone and iPad shipments,” Morgan Stanley analysts wrote.
Apple surpasses Microsoft to reclaim its position as the world’s most valuable company
Apple’s AI push helped send the tech giant’s shares to an all-time high during Monday’s trading session. (Jakub Porzycki/NurPhoto via Getty Images)
New Apple Intelligence technologies include: iPhone and iPad devices Analysts noted that there are 1.3 billion smartphones currently in use by Apple customers.
The firm added that Apple could sell nearly 500 million iPhones over the next two years. It had previously predicted that Apple would sell between 230 million and 235 million iPhones. iPhone Annual The firm raised its price target to $273 from $216 based on new forecasts over the next two years.
| Ticker | safety | last | change | change % |
|---|---|---|---|---|
| AAPL | Apple. | 234.40 | +3.86 | +1.67% |
Apple shares are up more than 26% so far this year and more than 8% in the last month. The stock has outperformed the S&P 500 index this year, according to data from LSEG, and has an average rating of “buy” and a median price target of $217.
What is Artificial Intelligence (AI)?
Apple CEO Tim Cook said the company believes “Apple Intelligence will be an essential part of the products that already play an essential role in our lives.” (David Paul Morris/Bloomberg/via Getty Images)
Industry analysts expect Samsung and Apple to lead a recovery in the global smartphone market this year. Generative AI-enabled smartphone.
Apple sold 45.2 million smartphones worldwide in the three months to June, up from 44.5 million in the same period last year, according to IDC data, but its market share fell to 15.8% from 16.6% in the same period.
Apple Intelligence was announced at the Apple Worldwide Developers Conference on June 10, 2024 at the Apple Park campus in Cupertino, California. (David Paul Morris/Bloomberg/via Getty Images)
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Reuters contributed to this report.
