Apple Gains 3% on Bank of America Upgrade
Apple Gains 3% on Bank of America Upgrade

Apple Gains 3% on Bank of America Upgrade

Jan. 18, 2024, 12:12 p.m., readers: 27

Shares of Apple (NASDAQ:AAPL) saw an uptick of more than 3% intra-day today, following an upgrade by Bank of America analysts from Neutral to Buy. The analysts increased their price target for Apple to $225 per share, up by $17. This revision is based on more optimistic projections for iPhone sales and the performance of Apple's Services segment. Several factors underpin this more bullish stance on Apple's stock. These include expectations of a robust multi-year iPhone upgrade cycle, accelerated growth in the Services division, and strong capital returns. Additionally, the analysts believe that Apple has moved past the phase of negative earnings per share (EPS) estimate revisions. This upgrade coincides with growing investor interest in upcoming Apple products. Notably, there is anticipation for the launch of Vision Pro next month and the expected release of an AI-powered iPhone, projected for late 2024 or 2025. The revised estimates for iPhone sales and Services have led to an increase in the EPS forecasts, positioning them 7% and 4% above the Street's expectations for fiscal years 2025 and 2026, respectively. This positive outlook reflects growing confidence in Apple's future financial performance and market position.


About NASDAQ: AAPL

A pple Inc. designs, manufactures, and markets smartphones, personal computers, tablets, wearables, and accessories worldwide. It also sells various related services. In addition, the company offers iPhone, a line of smartphones;

Price: 182.88
Market cap: 2.8 trillion USD
Eps: 6.43
P/e ratio: 28.44
Terminal Research: AAPL
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