Apple shares rise 3% after analyst upgrade [Reuters]
Apple Inc. (AAPL)
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Source: Reuters
April 29 (Reuters) - Shares in Apple Inc were up 3% on Monday after a well-known analyst at Bernstein Societe Generale Group upgraded the stock to an "outperform" rating, pointing to the prospects for phone replacement phone sales with help from generative artificial intelligence updates. Apple was on track for its biggest one-day gain in roughly two weeks. Bernstein's Toni Sacconaghi wrote that Apple had been hurt by a weak iPhone 15 cycle as well as fears that its China business is structurally impaired. But the analyst argued that China weakness is "more cyclical than structural" and that its business there has "exhibited much higher volatility" than Apple's overall business. And Sacconaghi wrote that "replacement cycle tailwinds and incremental generative AI features set up Apple well for a strong iPhone 16 cycle." Looking to 2025, he is estimating that the company could report $416.9 billion in revenue and $7.40 earnings per share, which would beat consensus expectations
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