Contrary to the Tide of Doubt, Optimistic Outlook Emerges! Bank of America Upgrades Apple Rating
$Bank of America(BAC.US$ Securities analyst Wamsi Mohan has released a report, upgrading the rating on $Apple(AAPL.US$ from neutral to buy and significantly raising the target price from $208 to $225, marking an 8.2% increase. This target price suggests that Bank of America anticipates over a 20% upside potential in Apple's stock, expecting it to surge approximately 23% from Wednesday's closing, setting a new high compared to a month ago.
In the report, Bank of America analyst Mohan expresses confidence in the long-term performance outlook for the iPhone. He predicts that artificial intelligence (AI) and mixed reality technologies, including augmented reality (AR) and virtual reality (VR), will drive Apple's performance in the future. Mohan believes that AI and the upcoming mixed reality headset, Vision Pro, will provide upward momentum to Apple's hardware and services business.
Vision Pro is available for pre-order starting this Friday and will be released on February 2nd with a price tag of $3,499. Renowned Apple analyst Ming-Chi Kuo, also known as the "Prophet of Apple," stated last week that Vision Pro's inventory is only 60,000 to 80,000 units. Considering the novelty of the product and the loyalty of Apple enthusiasts, he believes Vision Pro is likely to sell out quickly once it hits the market.
However, Kuo points out that Vision Pro only served as a technical demonstration last year without specifying its crucial product positioning and key applications. If Vision Pro fails to sell out immediately, falling short of expectations, it could negatively impact Apple's stock price and the entire industry chain.
Prior to Bank of America's rating upgrade, several institutions had downgraded Apple's rating in January.
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