Morgan Stanley Names Apple as a Top Stock Choice Amid AI Platform Advantages

Home AI News Morgan Stanley Names Apple as a Top Stock Choice Amid AI Platform Advantages

Updated on November 14 2024

Apple Inc. has been designated as a top stock pick by Morgan Stanley, which believes the launch of the company's artificial intelligence platform will trigger a record surge in device upgrades for smartphones, tablets, and computers. Analyst Erik Woodring raised his price target for Apple shares to $273, ranking it as the third highest among analysts tracked by Bloomberg. He suggests that Apple Intelligence could drive unprecedented upgrade numbers, describing this feature as a "significant catalyst" for multiple years of upgrade cycles.

Loop Capital has even higher ambitions, upgrading Apple from "hold" to "buy" and raising its target from $170 to $300. Woodring predicts that Apple's iPhone shipments will approach 500 million units over the next two years, surpassing previous record highs from 2021-2022. During the Global Developers Conference in June, Apple unveiled its AI service suite, leading to a brief spike in its stock price, which hit a new year-to-date high.

As of last Friday's market close, Apple shares had risen 17% since the introduction of Apple Intelligence, outpacing the Nasdaq 100's 7% increase in the same timeframe. Woodring commented, "We believe there will be record levels of pent-up demand entering the iPhone 16 lineup later this year. The debut of Apple Intelligence at the Global Developers Conference reinforces our conviction that FY 2025 could mark the beginning of an extended device upgrade cycle."

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