BofA reiterates Apple as ‘Top Pick,’ expects AI to power significant multi-year iPhone upgrade cycle

In a note to clients Wednesday, Bank of America reiterated Apple as a top pick, maintaining a “Buy” rating and a price target of $230 on the stock, as BofA analysts expect AI to power a significant multi-year iPhone upgrade cycle.

Sam Boughedda for Investing.com:
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BofA highlights the forthcoming shift from smartphones to “IntelliPhones,” which they believe will drive a significant multi-year upgrade cycle. BofA analysts are optimistic about the adoption of AI-enabled IntelliPhones, predicting it will surpass the rapid uptake seen with smartphones and 5G.

With a vast installed base of over four billion smartphones, they anticipate this upgrade cycle to be a once-in-a-decade event.

“We view the upcoming AI-enabled phones (IntelliPhones) to drive a multi-year upgrade cycle similar to the step function improvement driven by the introduction of smartphones,” the note stated.

IntelliPhones are expected to leverage advanced AI and machine learning to offer features such as superior personal assistance, language processing, health monitoring, enhanced photography, and AR/VR experiences.

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MacDailyNews Take: And, when applied to Vision Pro, you get an IntelliVision, much to the delight of old Mattel Electronics fans!

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