BofA Says These 4 Companies Could Benefit From The Next Apple Product Cycle
Portfolio Pulse from Erica Kollmann
BofA Securities highlighted Jabil, Flex, Amphenol, and Corning as companies that could benefit from the next Apple product cycle, based on Apple's list of top suppliers. Apple remains a significant part of Jabil's revenue, and Amphenol provides essential components for the iPhone. Corning also remains a key supplier. BofA maintains a Buy rating on Apple with a $225 price target, anticipating strong iPhone upgrade cycles driven by generative-AI features.
April 29, 2024 | 3:06 pm
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POSITIVE IMPACT
BofA maintains a Buy rating on Apple with a $225 price target, expecting strong iPhone upgrade cycles driven by generative-AI features.
BofA's maintained Buy rating and high price target for Apple indicate a strong bullish outlook, primarily due to anticipated iPhone upgrade cycles and growth in Services revenue. This positive analyst outlook is likely to influence investor sentiment and potentially drive Apple's stock price up in the short term.
CONFIDENCE 85
IMPORTANCE 90
RELEVANCE 100
POSITIVE IMPACT
Amphenol, providing connectors and antennas for the iPhone, could see benefits from Apple's product cycle, with Apple accounting for single-digit revenue.
As a supplier of critical components for the iPhone, Amphenol stands to benefit from any increase in iPhone production or upgrades, which could positively impact its revenue and stock price.
CONFIDENCE 75
IMPORTANCE 75
RELEVANCE 80
POSITIVE IMPACT
Flex is named as a potential beneficiary from Apple's product cycle, indicating a positive outlook for the company.
Flex's inclusion as a potential beneficiary of Apple's product cycle suggests a positive impact on its business and stock price, especially considering the ongoing demand for Apple products.
CONFIDENCE 75
IMPORTANCE 70
RELEVANCE 80
POSITIVE IMPACT
Corning remains a key supplier for Apple, indicating potential benefits from Apple's product cycle.
Corning's continued role as a supplier for Apple, especially given Apple's innovative product cycles, suggests a positive outlook for Corning's business with Apple and a potential uplift in its stock price.
CONFIDENCE 75
IMPORTANCE 70
RELEVANCE 80
POSITIVE IMPACT
Jabil is highlighted as a beneficiary of the next Apple product cycle, with Apple accounting for 17% of its revenue in 2023.
Given that Apple constitutes a significant portion of Jabil's revenue, any positive developments in Apple's product cycle are likely to have a direct positive impact on Jabil's financial performance and potentially its stock price.
CONFIDENCE 80
IMPORTANCE 80
RELEVANCE 90