Keep an eye on Apple (AAPL).

After diving from about $192.50 to $182.68, the stock is starting to pivot higher. For one, the tech giant is oversold on RSI, MACD, and Williams’ %R at its 200-day moving average. Two, analysts at Bank of America upgraded the stock to a buy rating, expecting artificial intelligence and Vision Pro to drive upside in the stock.

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With a $225 price target, they said, “We upgrade Apple to Buy from Neutral, given: 1) stronger multi-year iPhone upgrade cycle driven by the need for the latest hardware to enable Generative AI features to be introduced in 2024/2025 (a large part of the installed base still on iPhone 11), 2) higher growth in Services as Apple better monetizes its installed base,” as quoted by CNBC.

They added the Vision Pro “could surpass iPad revs over time as spatial computing takes hold offering differentiated use cases driving services upside.”


Ian Cooper