After weeks of analysts downgrading Apple, Bank of America raised its price target from $208 to $225 thanks to the iPhone and Apple Vision Pro.
Side view of Apple Vision Pro
Unlike Barclays, which cited weak iPhone demand as the reason for Apple's downgrade, BofA's Vamsi Mohan sees increased production as justification to increase the company's price target. The news comes as Apple begins taking pre-orders for its new Apple Vision Pro, but Mohan's thinking is focused more on the iPhone and the future use of generative artificial intelligence.
Mohan said in a note that saw MarketWatch. , there is now potential for a “stronger multi-year iPhone upgrade cycle.” In particular, he expects interest in artificial intelligence will encourage users to buy new devices that can use it.
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