Loop Capital ups Apple price target to $300 a share
Loop Capital analyst Ananda Baruah turned bullish on Apple, raising his price target to $300 (up a whopping $130) and upgrading the stock to “buy” due to a potential surge in iPhone upgrades.
Martin Baccardax for TheStreet:
“Apple has an opportunity over the next few years to solidify itself as consumers’ [generative-AI] ‘base camp’ of choice, similar to its impact with the iPhone for social media and the iPod for digital content consumption,” Baruah wrote, citing his colleague and supply-chain analyst John Donovan.
“These trends were significant stock catalysts, and we believe generative AI has the potential to be the same,” Baruah said. Generative AI derives new and original content, including text, images, video and more, from existing material.
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MacDailyNews Take: That is a big hike!
Apple’s fiscal Q3 earnings are set to be released after market close on Thursday, August 8th. Analysts’ consensus expects $1.34 EPS (earnings per share) on $84.2 billion in revenue, a 2.9% year-over-year increase.
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