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29/05/24
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BofA Confirm Apple Is Still a Top Pick
On Wednesday, analysts at Bank of America confirmed that Apple was still a top pick, and maintained a price target of $230 and a “Buy” rating on the stock.
BofA highlighted the expected moves from smartphones to “IntelliPhones,” and they believe these will drive a significant upgrade cycle over multiple years. Analysts at BofA are positive about the adoption of AI-enabled IntelliPhones and expect it will surpass the rapid uptake seen with 5G and smartphones.
With a huge installed base of more than 4 billion smartphones, they expect this upgrade cycle to be a once-in-a-decade scenario.
Analysts said in a note they saw the upcoming IntelliPhones (AI-enabled phones) would drive an upgrade cycle over multiple years like the step function improvement driven when smartphones were introduced.
IntelliPhones will likely leverage advanced AI and machine learning to offer features like language processing, AR/VR experiences, superior personal assistance, enhanced photography, and health monitoring.
BofA feels that context awareness would be a key differentiator and it will allow for more personalized and sophisticated user functions.
BofA added IntelliPhones would dominate edge AI and benefit from integrated sensors, ubiquity, and portability. This evolution is ready to transform several sectors, with AI agents mimicking roles such as health experts and travel agents, creating new opportunities for monetization.
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