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apple Wall Street analysts said in a report that Apple (AAPL) will be the “dominant force in consumer AI” due to its unique strengths. But Apple shares fell on Friday as the broader market fell.
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Oppenheimer analyst Martin Yang reiterated his outperform rating on Apple shares and raised his price target to 250 from 200.
On the stock market today, Apple shares fell 1.6% to close at 210.62.
“We believe Apple’s introduction of Apple Intelligence will position the company as a leader in consumer AI experiences,” Yang said in a client note on Friday.
The Advantages of Apple’s Ecosystem
Yang said that deep integration of artificial intelligence features into the next iPhone software release, iOS 18, will allay concerns that Apple will fall behind rivals in AI.
Apple will benefit from the advantages of its unique ecosystem, combining its own hardware and software, Yang said, and Apple’s AI will tap into users’ personal context while respecting data privacy.
On June 10, Apple announced its AI strategy, named “Apple Intelligence,” at its Worldwide Developers Conference.
“We believe what was shown at WWDC is just the tip of the iceberg of what Apple Intelligence can do in the future,” Yang said. “We expect Apple Intelligence will further strengthen the synergy between the various Apple hardware products. Strengthened hardware synergy will enable Apple to build a broader and deeper wall of defense when users enter the ecosystem through iPhone, Mac, iPad and Apple TV.”
Apple shares upgraded to buy recommendation
On Wednesday, Rosenblatt Securities analyst Barton Crockett upgraded Apple shares to buy from neutral and raised his price target to $260 from $196. Apple shares hit an all-time high of $220.20 on June 12 but have since fallen.
Crockett said Apple’s privacy-first approach to AI should resonate with consumers, and that the company isn’t spending billions of dollars on data center infrastructure to support its AI ambitions like its big tech rivals.
According to IBD Stock Checkup, Apple stock has an IBD Composite Rating of 91 out of a possible 99.
Follow Patrick Seitz on X (formerly Twitter). translator For more articles on consumer technology, software and semiconductor stocks, see here.
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