Bank of America analysts reiterated “Buy” ratings for Apple stock in a note to investors on Thursday. The optimistic outlook stems from the bank’s latest global smartphone survey, which reveals a commitment among iPhone users to upgrade, in light of new generative AI features and high numbers of outdated models currently in circulation.
Currently trading at $231 as of Friday morning EST, BofA analysts have raised their price objective to $256. The predicted 11% price jump is due to "increased confidence of a multi-year iPhone upgrade cycle driven by an aging installed base and GenAI features," the analysts wrote.
