Wedbush ***yst Dan Ives has revised the price target for ***le Inc. (NASDAQ:AAPL) from $250 to $275. The adjustment is to account for the anticipated iPhone 16 supercycle, driven by AI technology. This could potentially add $30 to $40 per share to the stock.
What H***ened: On Thursday, Ives took to X to announce the price target revision. He attributed the change to the expected surge in iPhone demand, driven by AI technology, within the ***le ecosystem. Ives also highlighted the upcoming Worldwide Developers Conference as a pivotal moment for the company.
"Raising our ***le price target from $250 to $275 to reflect iPhone demand turning the corner into an AI driven iPhone 16 supercycle on the horizon. AI technology built into the ***le ecosystem adds $30 to $40 per share to the stock in our view," wrote Ives.
Raising our ***le price target from $250 to $275 to reflect iPhone demand turning the corner into an AI driven iPhone 16 supercycle on the horizon. AI technology built into the ***le ecosystem adds $30 to $40 per share to the stock in our view. WWDC a key moment ahead for
Why It Matters: This announcement comes in the wake of a series of events that h***e been shaping the narrative around ***le's future. Just a few days ago, Ives had already hinted at a potential turnaround for the tech giant, du***g it a "Renaissance Of Growth." This was seen as a significant moment for the company, especially ahead of the WWDC.
Moreover, Ives had previously pointed out that the "seeds" for ***le's revival in China were being planted, and that patience was required to n***igate the temporary weakness. This was seen as a positive sign for the company's future, especially in light of the recent developments.
Furthermore, the potential of AI in the tech industry has been a hot topic of discussion. A recent report suggested that AI on iOS could drive higher institutional ownership of ***le's iPhone, potentially leading to a 23.5% upside for the stock. This further underscores the significance of Ives' latest announcement.
Meanwhile, Steve Ei***an of "The Big Short" fame also highlighted ***le as a "hidden" play in the AI space, further adding to the growing interest in the company's AI potential.
Price Action: ***le stock closed at $186.88, down 2.11% for the day, but remains up 0.67% year to date, according to the data from Benzinga Pro.
Image Via Shutterstock
This story was generated using Benzinga Neuro and edited by Kaustubh Bagalkote
