NEW YORK - Bank of America has forecasted a significant rise in Apple Inc (NASDAQ:AAPL)'s stock value, attributing the anticipated growth to a strong iPhone upgrade cycle and the launch of cutting-edge artificial intelligence features. Among the expected advancements is the incorporation of a large language model and live voice translation, aimed at boosting the performance of upcoming iPhones, particularly the iPhone 16 series.
The financial institution also highlighted the potential of Apple's Services division to bolster the company's growth. Shareholders are likely to see benefits from capital returns, which include both buybacks and dividends. This positive outlook on Apple's financial health is further reinforced by the expected launch of the Vision Pro device, which boasts spatial computing capabilities. While initial sales are projected to be in the hundreds of thousands with a price tag of $3,500, there is potential for expansion into the millions as the price is anticipated to fall to a range of $1,500-$2,000.
Following Bank of America's projections, Apple's share price experienced an uptick of over 3%. This surge reflects investor confidence in the tech giant's ability to innovate and maintain its market-leading position through its hardware and services. The introduction of advanced AI features and the new Vision Pro device are set to be key drivers in Apple's continued revenue growth.
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