Apple Is A 'Top Stock Pick For 2024,' Analyst Says: 4 Catalysts To Look For In Next Earnings Report
Portfolio Pulse from Surbhi Jain
BofA Securities analyst Wamsi Mohan has reiterated a Buy rating for Apple Inc. (AAPL) with a price objective of $225, citing four key catalysts: capital return re-upping, Gen AI announcements, iPhone 16 launch, and gross profit growth re-acceleration. Mohan highlights a strong iPhone upgrade cycle in FY 2025, driven by Gen AI demand, and anticipates robust Services revenue growth and higher margins from internal silicon use. A new buyback authorization is expected in the F2Q earnings call. Apple's stock was trading at $167.13 at the time of publication.
April 23, 2024 | 12:49 pm
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POSITIVE IMPACT
Apple Inc. is highlighted as a top stock pick for 2024 by BofA Securities with a significant upside potential. Key catalysts include capital return, Gen AI, iPhone 16 launch, and profit growth acceleration.
The positive outlook from BofA Securities, including a Buy rating and a significant price target, suggests strong confidence in Apple's future performance. The anticipation of key product launches and financial strategies like a new buyback authorization could drive investor sentiment and stock price upwards in the short term. The focus on Gen AI and the iPhone 16 launch as catalysts for growth, along with expected strong Services revenue and higher margins from internal silicon use, underline the potential for Apple's continued market leadership and financial success.
CONFIDENCE 85
IMPORTANCE 90
RELEVANCE 100