TECH - Analyst Ups Apple's Price Target To $256 Says New AI Features Will Encourage Users To Upgrade To Newer iPhones: 'People Were Looking For A Real Reason...' | Benzinga
Bank of America Securities analyst, Wamsi Mohan, has revised his price target for Apple Inc. (NASDAQ:AAPL) upwards to $256 from the previous $230. The adjustment is based on the potential for an upgrade cycle propelled by AI features.
What Happened: On Friday, while appearing on CNBC’s Squawk Box, Mohan said that the incorporation of AI features will encourage users with older iPhones to upgrade.
He noted that the intent to purchase iPhones in 2024 has seen a significant surge following the WWDC event, suggesting that consumers are seeking a compelling reason to upgrade.
“Our survey shows that after WWDC, the purchase intentions of buying an iPhone in 2024 went up meaningfully,” he said, ...