Apple Inc (NASDAQ:AAPL) shares are hitting new all-time highs on Tuesday after the stock was upgraded by DA Davidson following a series of announcements out of the company’s Worldwide Developers Conference 2024.
What To Know: DA Davidson analyst Gil Luria upgraded Apple from Neutral to Buy and raised the price target from $200 to $230 on Tuesday. The analyst believes the AI-related announcements out of WWDC on Monday will drive an iPhone upgrade cycle.
“We believe the integration of summarization, enhanced search, multi-modality, text generation, and enhanced photo editing into the existing ecosystem will drive much broader adoption of AI than we have seen to date,” Luria said in a new note to clients.
The analyst compared Apple’s AI announcements to the introduction of iTunes. Digital music was initially accessed …
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