Bank of America announced Thursday that it has raised its recommendation on Apple from 'neutral' to 'buy', with its price target raised from $208 to $225.

In a research note, the broker explains that it expects iPhone sales to be driven by the integration of new artificial intelligence (AI)-related functionalities by 2025 and 2026.

BofA adds that the stock should also benefit from growth in services, as Apple succeeds in better monetizing its large installed base.

In its view, the arrival of AI in the Californian technology group's products could lead institutional investors to strengthen their positions in the stock.

Copyright (c) 2024 CercleFinance.com. All rights reserved.
The information and analyses published by Cercle Finance are intended solely as a decision-making aid for investors. Cercle Finance cannot be held responsible, directly or indirectly, for the use of information and analyses by readers. Uninformed investors are advised to consult a professional advisor before investing. This information does not constitute an invitation to sell or a solicitation to buy.