Analyst: Buy Apple stock; AI-powered iPhones will be a ‘once in a decade’ event

Buy Apple stock because AI-powered – generative AI, to be specific – iPhones will drive shares a “once in a decade” event, BofA Securities analysts say.

Angela Palumbo for Barron’s:
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The stock has climbed 16% from its 2024 closing low of $165 hit on April 19.

Many investors believe Apple will have news to share on the AI front at the Worldwide Developers Conference, or WWDC, which kicks off June 10. The company said on its website that there will be an “exciting reveal of the latest Apple software and technologies,” during the first day’s keynote. This is when the company is largely expected to announce an AI-powered iPhone, which could be a major boon to the stock.

“We view the upcoming AI enabled phones (IntelliPhones) to drive a multiyear upgrade cycle similar to the step function improvement driven by the introduction of smartphones,” BofA Securities analyst Wamsi Mohan wrote in a note Wednesday. “With an installed base of over 4 billion smartphones, we see the opportunity for the next upgrade cycle to be once in a decade type of event.”

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MacDailyNews Note: Mohan maintains a “Buy” recommendation on Apple shares with a $230 price target.

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