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Apple Rises As BofA Upgrades On Potential From Al, Headset

By adminJanuary 20, 2024, 7:10 AM1 Mins read174 Views

Apple Rises As BofA Upgrades On Potential From Al, Headset

Apple Inc. shares rose by 3.3% after Bank of America upgraded the iPhone maker to buy from neutral, indicating confidence in the stock. However, the stock remains down 2% this year, making it one of the weakest performers among the Magnificent 7 megacaps that fueled market gains in 2023.

Analyst Wamsi Mohan sees a stronger multi-year iPhone upgrade cycle driven by the need for the latest hardware to enable Generative AI features in 2024/2025. Wall Street’s cautious stance towards Apple contrasts with other megacaps, with only 62% of analysts recommending buying the stock.

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