JPMorgan Remains Bullish on Apple, Upgrades Price Target to $265
Analysts Cite Strength of Apple Intelligence, Continued EPS Upside
JPMorgan analyst Samik Chatterjee has reiterated his bullish stance on Apple, upgrading the stock's price target to $265 from $245. This marks the second time in recent weeks that JPMorgan has raised its target on the tech giant.
The firm's latest move comes on the heels of strong earnings from Apple, which beat analysts' estimates on both revenue and earnings per share (EPS). JPMorgan believes that Apple's continued focus on innovation, particularly in the areas of artificial intelligence (AI) and augmented reality, will drive future growth.
"We believe that Apple is well-positioned to capitalize on the growing demand for AI-powered devices and services," Chatterjee said in a research note. "The company's strong ecosystem of hardware, software, and services gives it a significant competitive advantage in this market."
In addition to its price target upgrade, JPMorgan has also placed Apple on its Positive Catalyst Watch, which indicates that the firm expects positive news or developments for the stock in the near term. This could include strong product launches, favorable regulatory decisions, or other positive events.
JPMorgan's bullish stance on Apple is in line with the broader market consensus. The stock has been on a tear in recent months, reaching new all-time highs and outperforming the broader market. Apple is currently trading at around $240 per share, giving it a market capitalization of over $2.8 trillion.
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