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Wedbush Reaffirms $300 Target for Apple as iPhone 16 and AI Integration Gain Momentum
Nov 29, 2024 3:04 PM - Davit Kirakosyan
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Wedbush analysts reiterated an Outperform rating and a $300 price target on Apple (NASDAQ:AAPL), highlighting key drivers for the company’s performance during the holiday season and its expanding AI capabilities.
The analysts noted that Black Friday marked the beginning of an important period for Apple, with the iPhone 16 at the forefront. Demand for the device since its September launch was described as slightly ahead to in line with expectations globally. Apple Intelligence, the company's new AI initiative, has yet to roll out in China and other major regions, with an April launch anticipated. This rollout is expected to include a strategic partnership with a Chinese tech firm to accelerate adoption in the region.
The upcoming release of software version 18.2 was identified as a pivotal development for Apple Intelligence. The update will integrate advanced AI features, including ChatGPT functionality, reinforcing Apple's position in the AI landscape and adding value to its ecosystem. These factors underscored the analyst's confidence in Apple’s growth trajectory and the reaffirmation of the $300 price target.
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