Wedbush ups Apple target price to $285 Wednesday, August 7, 2024 8:58 am 1 Comment
Daniel Ives of Wedbush Securities this week reiterated an Outperform rating on Apple stock and increased his price target to $285 from $275.
Fahad Saleem for Insider Monkey:
“Apple Intelligence rollout has already begun with developers who will significantly enhance app capabilities as the company staggers the launch of its new AI feature along with its OpenAI partnership which Apple expects ChatGPT and all other features to be integrated into the iPhone and other devices by the end of the year. We believe AI technology being introduced into the Apple ecosystem will bring monetization opportunities on both the services as well as iPhone/hardware front and adds $30 to $40 per share,” Ives said.
Baird analyst William Power said in a note that he estimates a whopping 95% of iPhones in the world will need an upgrade at “some point” to take advantage of Apple Intelligence. The analyst mentioned lower upgrade rates at AT&T and Verizon, suggesting consumers might be waiting for AI-integrated smartphones. Based on this catalyst, the analyst upped his fiscal 2025 iPhone estimates by about 20 million units, now projecting iPhone revenue to reach $216.1 billion, a 9% year-over-year increase, surpassing the consensus estimate of 6% growth. Apple is expected to generate $418.1 billion in full-year revenue and $7.30 per share in earnings, up from previous forecasts of $394.6 billion and $6.73 per share.
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