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Apple stock has more upside – BofA Securities
Thursday July 11, 2024. 09:32 PM , from Mac Daily News
Apple stock got a new price target that’s 18% higher than Wall Street’s consensus on Thursday, but increased sentiment that interest rate cuts are coming in September, not any bad news, was keeping shares in the red during regular trading.
Angela Palumbo for Barron’s: BofA Securities analyst Wamsi Mohan increased his price target on Apple to $256 from $230, which implies a 10% increase to the stock’s closing price of $232.98 on Wednesday. He also maintained a Buy rating on the shares. However, the June Consumer Price Index came in lower than expected earlier in the day. This gave market participants further confidence that Federal Reserve will cut interest rates in September. Investors took this as a sign to sell shares of well-performing, megacap tech stocks, and put those profits into worse-performing stocks that would benefit more immediately from a rate cut. Apple was one of the casualties. The analyst wrote in a research note that the higher price target is based on “increased confidence of a multiyear iPhone upgrade cycle driven by an aging installed base and GenAI features that should provide a boost to customers’ intentions to upgrade.” “A significant number of iPhone users are still using older iPhone models: 29% own an iPhone in the iPhone 13 family, 13% own an iPhone in the iPhone 12 family, and more than 31% own an iPhone in the iPhone 11 family or older,” Mohan said. Support MacDailyNews at no extra cost to you by using this link to shop at Amazon. MacDailyNews Take: The iPhone 16 supercycle is revving up! We’re taking whatever discounts the market gives us, regardless of the reasoning or lack thereof. Please help support MacDailyNews. Click or tap here to support our independent tech blog. Thank you! Support MacDailyNews at no extra cost to you by using this link to shop at Amazon. The post Apple stock has more upside – BofA Securities appeared first on MacDailyNews.
https://macdailynews.com/2024/07/11/apple-stock-has-more-upside-bofa-securities/
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