NVDA - Apple Nears Our Target Price (Rating Downgrade)

2024-06-28 12:38:27 ET

Summary

• Apple's stock has returned 24% since the bullish thesis two months ago, nearing the $240 target price.
• AAPL has encountered resistance at the $215 level, as previously indicated.
• Declining iPhone sales affected revenue, but the services division is seeing growth, boosted by a lucrative Google search deal.
• Apple is doubling down on AI, unveiling new features at WWDC to revolutionize products and drive hardware and service revenue growth.

Investment Thesis

Since our last update two months ago, in which we wrote up a bullish thesis with an end-target price of $240 by the end of 2024 for Apple Inc. ( AAPL ), the stock has returned 24%, much closer to our target price and leaving space for a little more upside....

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