.July 11, 2024 03:59:00 PM

Bank of America has raised its price target for Apple (NASDAQ:AAPL) to $256 from $230, citing confidence in a multi-year iPhone upgrade cycle. Analysts believe that the boost in iPhone upgrades will be driven by an aging installed base and new GenAI features. A survey conducted in the US, UK, China, and India showed that many iPhone users still have older models, with 29% owning an iPhone 13, 13% having an iPhone 12, and over 31% using an iPhone 11 or older.

The recent Worldwide Developers Conference (WWDC) has increased customer intentions to upgrade in 2024, supported by strong services growth and margin expansion. Bank of America has reiterated its Buy rating for Apple, expecting continued success in the coming years.