Apple shares hit record high after analyst upgrades, AI payment
Date
7/16/2024 5:50:21 AM
(MENAFN) Apple Inc. saw its shares surge by 2.5 percent to reach an unprecedented high during Monday's trading session, driven by favorable assessments from Morgan Stanley, which elevated its target price for the tech giant's stock and designated it as a top investment choice. The spike in Apple's stock price was attributed to the company's advancements in artificial intelligence aimed at enhancing sales of its devices.
Morgan Stanley emphasized Apple's strategic focus on artificial intelligence, positioning it to compete more aggressively with tech leaders like Alphabet Inc's google and Microsoft-backed OpenAI. Recently, Apple introduced "Apple Intelligence," urging customers to upgrade their devices to leverage the benefits of this new technology, which aims to optimize user experiences across iPhone and iPad platforms.
With Apple shares reaching USD236.30, the company's market capitalization soared to approximately USD3.62 trillion, securing its position as the most valuable company globally. The robust performance in the stock market has seen Apple's shares surge by around 20 percent since the beginning of the year, reflecting investor confidence in the company's growth prospects and strategic initiatives.
Morgan Stanley analysts highlighted "Apple Intelligence" as a significant driver expected to bolster sales of iPhones and iPads. The bank revised its previous sales forecasts, anticipating Apple to sell between 230 million and 235 million iPhones annually over the next two years. Consequently, Morgan Stanley raised its target price for Apple's stock from USD216 to USD273, underscoring optimistic projections for the company's financial performance and market position moving forward.
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