Apple's AI 'Upgrade Cycle To Be Driven By iPhone 17': Analyst Outlines 3 Reasons Why
Portfolio Pulse from Surbhi Jain
JPMorgan Analyst Samik Chatterjee maintains a bullish outlook on Apple Inc (NASDAQ:AAPL), rating it Overweight with a price target of $210, down from $215. The optimism is based on the anticipated AI-led iPhone upgrade cycle and the resilience of Apple's Services revenues. Chatterjee highlights the valuation reset, the upcoming AI upgrade cycle, and the potential for a revenue surge in FY26 as key reasons for the positive sentiment towards Apple. The stock was up 0.8% to $169.12 at the time of publication.
April 11, 2024 | 2:49 pm
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JPMorgan Analyst Samik Chatterjee maintains a bullish outlook on Apple, with a price target of $210, citing the AI-led iPhone upgrade cycle and strong Services revenues as key growth drivers.
The positive sentiment from JPMorgan, based on the anticipated AI-led iPhone upgrade cycle and the resilience of Apple's Services revenues, suggests a strong potential for stock price appreciation. The adjustment of the price target to $210, despite a slight decrease from $215, reflects confidence in Apple's growth trajectory, especially with the upcoming iPhone 17 expected to drive an upgrade cycle. The stock's recent performance, with a 0.8% increase to $169.12, further supports the bullish outlook.
CONFIDENCE 85
IMPORTANCE 90
RELEVANCE 100