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Apple Stock’s Upside Predicted with iPhone 16 Upgrade #investing

Apple Stock Has 17% Upside on iPhone 16 Upgrade, Demand for AI Apps

Wedbush Securities predicts that Apple’s upcoming AI upgrade will generate significant interest in apps, positioning the company as the “gatekeeper” of AI customers. The iPhone 16 upgrade expected this fall is likely to trigger a surge in upgrades. The new Apple Intelligence software, set to launch with iOS 18 in September, will introduce generative AI capabilities, leading to multiple revenue streams. Analyst Dan Ives estimates a potential $30 to $40 per share upside, translating to a 17% gain. Apple’s AI push was showcased at the Worldwide Developers Conference, unveiling Apple Intelligence for all devices. This move is expected to prompt developers like Google and Meta to adapt their AI software to work with Apple’s program. The next 6 to 12 months could see the release of numerous generative AI apps. Steve Eisman, known for “The Big Short,” also highlighted Apple’s hidden AI potential. The iPhone 16 release is anticipated to drive further growth, with projections of over 270 million units in upgrades. Improved demand in China and a turnaround in iPhone growth by September are encouraging signs. Overall, Apple’s AI-driven upgrade cycle is seen as a significant opportunity for the company, potentially leading to a $4 trillion market capitalization.

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Source link: https://markets.businessinsider.com/news/stocks/apple-stock-outlook-rally-iphone-16-upgrade-generative-ai-ives-2024-7

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