Apple’s stock reached its new high on Monday, backed by optimism about the company’s upcoming Artificial Intelligence offerings and price target adjustments by analysts. The company’s shares traded at $236.49 early in the day before closing at $234.40 per share.
Morgan Stanley’s analysts labeled Apple’s stock as their “top pick”, saying that the company’s AI efforts will lead to increased sales of iPhones and other products. They predict that Apple will sell between 230 million and 235 million iPhones in each of the next two years.
Apple recently introduced a series of new AI-powered features called Apple Intelligence, which is currently compatible with less than 10% of all Apple devices. Other customers who want to have access to Apple Intelligence will likely upgrade to iPhone 16, which is set to be released later this year, boosting the sales for the tech giant.
Morgan Stanley now has a price target for Apple’s stock at $273, a significant increase from the previous $216. Other analysts have followed the suit, with some being even more bullish.
Loop Capital recently adjusted its rating on Apple’s stock from “Hold” to “Buy” while bumping the price target from $170 to $300.
Apple’s stock is currently 26.27% up year-to-date, while the recent surge brought the company a market cap of $3.59 trillion.