Loop Capital Upgrades Apple to Buy Amid Strong iPhone Demand
Money | July 15, 2024, 10:44 p.m.
Apple received a significant upgrade from Hold to Buy by Loop Capital, increasing its price target on AAPL from $170 to $300 per share due to its promising artificial intelligence prospects. Market Domination's analysis delves into Loop Capital and Morgan Stanley's analyst notes, highlighting Apple's strong consumer position in India and its Apple Intelligence initiatives. Loop Capital's highest street price target of $300 is based on supply chain checks indicating strong demand for upcoming iPhones, driven by AI capabilities. Additionally, Bloomberg reported a record revenue of nearly $8 billion in annual sales in India for Apple, showcasing its focus on diversifying beyond China. Analysts predict the company will ship nearly 500 million iPhones in the next two years, driven by AI-enabled devices. Overall, Apple's AI initiatives and market dominance position it for continued success.