Bank of America ups Apple price target to $230

Following Apple’s earnings report, Bank of America raised its price target from $225 to $230, saying that the company could be about to see a multiyear iPhone upgrade supercycle. BofA reiterated its “Buy” recommendation on AAPL.
John Ballard for The Motley Fool:
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Apple posted revenue of $90.8 billion in the quarter, down 4% year over year, driven by declines in iPhone, iPad, and wearables, home, and accessories. Mac and services were the only two categories that reported growth in the quarter, but BofA analysts see a strong sales cycle upcoming for the iPhone that could boost Apple’s growth.
Specifically, BofA sees a long-term upgrade cycle coming in iPhone driven by generative AI. The analysts also see other catalysts benefiting the stock, such as services growth, margin expansion, and Apple’s ongoing capital returns to shareholders.
The AI opportunity is a hot catalyst to watch. CEO Tim Cook stated on the earnings call that the company is “very bullish” on its opportunities in generative AI and plans to make significant investments in the technology.
With respect to AI, Cook added that Apple will be sharing “very exciting things with our customers soon.”

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MacDailyNews Take: Hopefully, this first round of injecting AI into Macs, iPhones, iPads, Apple Watches, etc. is substantive, going beyond just marketing hype, and we’ll see transformative improvements in long-ignored features such as Siri.
As for $230: From BofA’s lips to Mr. Market’s ears!
Beloved, esteemed interns: Please commence with your sacred duty and Tap That Keg! Prost, everyone!