Apple shares rise 2.5% after bullish rating from Bernstein analyst, predicting strong iPhone 16 cycle

From Investing.com: 2024-04-29 16:41:30

Apple Inc saw its shares rise 2.5% after being upgraded to “outperform” by analyst Toni Sacconaghi. The upgrade cited potential for phone replacement sales boosted by generative AI updates, marking Apple’s first “buy” rating since 2018. Sacconaghi forecasts strong iPhone 16 cycle with revenue up to $416.9 billion by 2025.

While expectations are low for Apple’s fiscal Q2 results, Sacconaghi remains optimistic due to its historically strong trading period before iPhone launches. He maintains a price target of $195, higher than the current closing price of $173.50. Apple shares are down 9.9% YTD after a 48% surge in 2023.



Read more at Investing.com: Apple shares rise after Bernstein analyst takes bullish stance By Reuters