Apple shares reachhistorical maximum: What is the reason?

June 12, 2024  16:02

Apple shares rose 7% to an all-time high of $207.15 per share. The stock price rose a day after the WWDC 2024 event on June 10, during which the company presented its iOS 18 operating system and a number of other news.

During the event, Apple introduced a number of new AI features, including an updated Siri voice assistant, integration with ChatGPT OpenAI, and new customizable emojis.

Analysts at Morgan Stanley said Apple's AI features will drive consumers to upgrade their iPhones, which should "accelerate the device replacement cycle" because some of the features will only work with newer devices.

The target price of Apple shares, set by analysts, is $216, and in the most optimal scenario, they can increase to $270.

"The fact that iPhones sold last year were limited in their use of Apple Intelligence reinforces our belief that artificial intelligence can help drive the iPhone supercycle," Morgan Stanley analysts said.

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