Apple’s stock saw a 2.5% rise to a new high after Morgan Stanley raised its price target and named it a “top pick,” citing the company’s AI efforts as a boost to device sales.
After Morgan Stanley increased its price target on Apple’s (AAPL.O) stock and dubbed it a “top pick,” citing the company’s AI efforts as a boost to device sales, the stock saw a 2.5% increase to a record high on Monday. The iPad manufacturer announced Apple Intelligence last month, enticing customers to update their devices in order to utilize the new technology. This was perceived as a move to catch up with Alphabet’s (GOOGL.O), opens a new tab Google and Microsoft-backed (MSFT.O) opens the new tab OpenAI. With a gain of almost 20% in shares this year, Apple now has the largest market value in the world at $3.62 trillion, thanks to its recent surge to $236.30.
With a gain of almost 20% in shares this year, Apple now has the largest market value in the world at $3.62 trillion, thanks to its recent surge to $236.30. Morgan Stanley analysts stated that “Apple intelligence is a clear catalyst to boost iPhone and iPad shipments.” Only 8% of iPhone and iPad models are compatible with the new technology, according to analysts. Apple presently has 1.3 billion cellphones in use, and during the next two years, the corporation may sell up to 500 million iPhones.
Morgan Stanley increased its price objective for Apple’s stock to $273 from $216. Morgan Stanley had previously predicted that Apple would sell between 230 million and 235 million iPhones a year over the next two years. According to LSEG data, the stock has outperformed the S&P 500 index (.SPX) this year and has an average recommendation of “buy” with a median price target of $217. Given the excitement around GenAI-enabled smartphones this year, industry observers predict Samsung (005930.KS), opens a new tab, and Apple to lead the charge in the global smartphone market recovery.
Apple sold 45.2 million smartphones worldwide in the three months that ended in June, up from 44.5 million the previous year. However, IDC data shows that the company’s market share decreased to 15.8% from 16.6% over the same time.
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