Rosenblatt upgrades Apple stock to ‘Buy,’ hikes target price to $260
In a bullish move, investment firm Rosenblatt upgraded Apple (AAPL) to a “Buy” rating, citing the company’s potential with Apple Intelligence. This upgrade comes with a significant increase in the price target, jumping from $196 to $260 per share.
Rosenblatt’s optimism stems from a recent U.S. survey they conducted, revealing that strong privacy is the most desired feature consumers seek in AI technology. This aligns perfectly with Apple’s focus on user privacy throughout its products and services, including their “Apple Intelligence” platform. Rosenblatt believes this unique selling proposition will resonate with consumers, potentially boosting Apple’s market share within the AI space.
The analyst firm argues that Apple’s commitment to privacy offers a two-fold advantage. Firstly, it positions Apple favorably compared to competitors who might struggle with privacy concerns. Secondly, it allows Apple to leverage the vast amount of user data it collects in a way that prioritizes user security, potentially leading to more powerful and trustworthy AI products.
With this upgrade, Rosenblatt joins a growing chorus of analysts who believe Apple’s focus on privacy positions them well for the future of AI. Only time will tell if Apple can capitalize on this opportunity, but Rosenblatt’s prediction suggests the company’s commitment to user privacy could be a key driver of future growth.
MacDailyNews Take: As we wrote last October:
Thanks to the products Steve Jobs built, the company can now afford to be somewhat reactive at times. For a company like Apple, generative AI is not tremendously difficult; it’s what it’s fed that’s most important, followed by where it’s done: on-device-only (high privacy), cloud-only (encrypted, hopefully), or some mix of the two.
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