Is Apple Stock Going to $230? 1 Wall Street Analyst Firm Thinks So. [Yahoo! Finance]
Apple Inc. (AAPL)
Last apple inc. earnings: 4/30 04:30 pm
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Source: Yahoo! Finance
The share price closed yesterday at $173, but jumped 6% today following positive commentary on the earnings call around Apple's artificial intelligence (AI) opportunities. Bank of America today kept a buy rating on the shares and bumped its price target from $225 to $230. Let's dive deeper into the reasons behind the call. Why Apple stock is up Apple posted revenue of $90.8 billion in the quarter, down 4% year over year, driven by declines in iPhone, iPad, and wearables, home, and accessories. Mac and services were the only two categories that reported growth in the quarter, but BofA analysts see a strong sales cycle upcoming for the iPhone that could boost Apple's growth. Specifically, BofA sees a long-term upgrade cycle coming in iPhone driven by generative AI . The analysts also see other catalysts benefiting the stock, such as services growth, margin expansion, and Apple's ongoing capital returns to shareholders. The AI opportunity is a hot catalyst to watch. CEO Tim Coo
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