APPLE : BofA upgrades its recommendation to 'buy', raises its target price
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.
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