Posted 1/18/2024, 12:50:22 PM
BofA Upgrades Apple to Buy on AI and iPhone Growth Potential
- BofA Securities upgraded Apple stock to Buy from Neutral on strength of AI and Vision Pro driving iPhone and Services growth
- Sees stronger multi-year iPhone upgrade cycle to enable new AI features starting in 2024/2025
- Expects higher Services growth from better monetization of installed base
- Anticipates gross margins to remain stable or increase over time
- Forecasts launch of Vision Pro in 2024 and AI-enabled iPhones in 2024/2025 to boost revenues