Apple stock has best day since 2022 after earnings beat, $110 billion stock buyback [MSNBC.com]
Apple Inc. (AAPL)
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Source: MSNBC.com
Applebetter-than-expected second-quarter earningsThe iPhone maker announced Thursday it would repurchase $110 billion of its shares, thebiggest buyback in U.S. historyBut overall sales decreased 4% and iPhone sales dropped 10% year over year during the quarter, indicating flagging demand for the smartphone's latest generation. Apple CEO Tim Cook told CNBC that quarterly sales suffered from a difficult comparison to the year-earlier period.Analysts at Bank of America reiterated their buy rating of Apple stock, calling it a top pick, and raised their price target to $230 from $225 in a Friday investor note, writing that they expect the company to roll out generative artificial intelligence features for the iPhone this year."Apple is growing iPhones in Mainland China, estimate revisions are turning positive and GenAI features will drive a strong upgrade cycle," they wrote.JPMorgan analysts, maintaining an overweight rating, lifted their price target for Apple to $225 from $210 on Thursda
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