JPMorgan ups Apple target price to $265 on AI-powered hardware upgrade cycle

JPMorgan analyst Samik Chatterjee has reaffirmed his bullish stance on Apple, upgrading the stock’s price target to $265 from $245. Chatterjee believes Apple is poised for a hardware upgrade cycle driven by artificial intelligence advancements. He expects the upcoming fiscal Q3 report to provide further evidence of this potential growth trajectory.

Patrick Seitz for Investor’s Business Daily:
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Investment bank JPMorgan on Wednesday put Apple (AAPL) stock on its “positive catalyst watch” ahead of the consumer electronics giant’s June-quarter [fiscal Q3] earnings report.

Investor focus is likely to pivot to looking beyond calendar 2024 starting with the fiscal Q3 report, Chatterjee said. Apple’s September quarter will be a “launchpad” for the company’s AI-enabled hardware, starting with the iPhone 16 series.

“Apple (is) well positioned to drive higher confidence from the upcoming earnings print relative to the shares representing a solid ‘edge AI’ play heading into the upcoming fiscal years,” he said in a client note.

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MacDailyNews Take: Apple’s stock price is down nicely currently for those who like to accumulate on the dips.

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