Apple stock receives much-needed love from Bank of America

By: Invezz
apple stock receives love from bank of america

Apple Inc (NASDAQ: AAPL) has had a rather disappointing start to the new year but a Bank of America analyst remains positive on the stock for 2023.

Apple stock has upside to $225

Wamsi Mohan upgraded the iPhone maker this morning to “buy”. His $225 price objective suggests a 20% upside from here.

The analyst attributed his bullish view on Apple stock partially to a solid growth in services. His research note also reads:

We upgrade Apple given stronger multi-year iPhone upgrade cycle driven by need for the latest hardware to enable generative artificial intelligence features to be introduced in 2024/2025.

Apple Inc is scheduled to report its financial results for the first quarter in early February. Consensus is for it to earn $2.08 a share versus $1.88 per share a year ago.

Watch here: 18 to include new AI features

Wamsi Mohan is convinced the tech behemoth will introduce AI features in its upcoming iOS 18.

Sorry iPhone, You're History!

Samsung just unveiled the Galaxy S24 Series, the SMARTEST AI phones ever

7 of the wildest things it can do:

— EyeingAI (@EyeingAI) January 17, 2024

The Bank of America analyst likes Apple stock also because its Vision Pro sales could eventually exceed iPad revenue as “spatial computing takes hold offering differentiated use cases driving services upside”.

Mohan expects global demand for AI-enabled phones to deliver a significant boost to iPhone sales in the coming years. Weakness related to China, he added, is “largely offset by strength in other countries”.

The bullish call arrives only days after Apple Inc lost its title of the world’s most valuable publicly listed company to Microsoft Corp as Invezz reported here.

The post Apple stock receives much-needed love from Bank of America appeared first on Invezz

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