Posted 1/18/2024, 7:34:09 PM
Apple Stock Jumps Over 3% as Bank of America Upgrades Rating on iPhone AI Upside
- Apple stock jumped over 3% on Thursday after Bank of America upgraded it to buy rating and raised price target to $225
- Analysts cited likely AI-related boost to iPhones from new features in future iOS updates and third-party apps
- Bank of America said investors are overlooking long-term upside for iPhones amid AI boom due to near-term worries
- Analysts believe challenges like China iPhone sales weakness, Apple Watch ban, and legal battles are manageable
- Bank of America checks show no material aggregate changes to iPhone production orders despite some shifts