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You are at:Home » Apple hits record high as Morgan Stanley names it top AI stock pick
Finance and Investing

Apple hits record high as Morgan Stanley names it top AI stock pick

Gazet InternationalBy Gazet InternationalJuly 15, 2024Updated:January 24, 20251 Min Read
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Apple’s stock hit a record high as Morgan Stanley’s increased price target and “top pick” status highlighted AI’s potential sales impact.

Apple

To compete with Google and OpenAI, Apple recently introduced Apple Intelligence, enticing users to upgrade for access.

Apple’s shares surged almost 20% this year to $236.30, achieving a market value of $3.62 trillion, surpassing all others globally.

“Apple Intelligence is a clear catalyst to boost iPhone and iPad shipments,” Morgan Stanley analysts stated.

The new technology works with just 8% of iPhone and iPad models. Analysts noted Apple’s 1.3 billion smartphones in use, predicting sales of nearly 500 million iPhones in two years.

Morgan Stanley, forecasting 230-235M iPhone sales, increased Apple’s share target to $273 from $216.

The stock, rated “buy” with a $217 price target, has surpassed the S&P 500 this year, per LSEG data.

Samsung and Apple are poised to drive global smartphone market recovery in 2024 with GenAI-enabled devices. Industry analysts predict.

Apple sold 45.2 million smartphones in Q2, a slight increase from last year’s 44.5 million, yet its market share dropped to 15.8% from 16.6%, as per IDC.

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    Gazet International Magazine is a global entity that works towards providing latest information and news updates of the world. It entraps latest stories in banking, finance, lifestyle and various beats of the world. We engage in recognizing and rewarding the global organizations for their achievements in various fields and deliver justice to the nominees with valued identification and recognition of companies that indulge in the Gazet Award Ceremony.

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