$Apple(AAPL)$ is expected to reveal its artificial intelligence strategy at the Worldwide Developers Conference or WWDC, a move that could significantly boost the company's stock, according to a prominent analyst Dan Ives.
What Happened: On Friday, Ives, an analyst at Wedbush, appeared on Schwab Network and shared his insights on Apple's future predicting that the unveiling of Apple's AI strategy at the WWDC 2024 could be a pivotal moment for the tech giant.
Well, I think that's where [Tim] Cook is gonna unveil the AI strategy... the start of the AI app store, and this is gonna be so important as AI now comes to the Apple ecosystem. And I think this is gonna be a watershed moment for Apple," Ives said.
Despite recent soft numbers, Ives remains optimistic about Apple's future, stating, "I don't view it quarter by quarter. I deal with here is it six, nine, 12, 18 months from now." He then predicted Apple stock going "massively higher" from here and offered $250 as the price target.
$AAPL is currently trading around $170, and @DivesTech sees the stock going "massively higher" from here as he provides his $250 price target.
Ives tells @NPetallides why the A.I. story is vital to the long-term bull case for Apple:
— Schwab Network (@SchwabNetwork) April 5, 2024
Why It Matters: Ives' statement comes at a time when Apple's key supplier, Foxconn, reported a 9% decline in its first-quarter revenue for 2024. Despite this, Foxconn is anticipating growth in the second quarter, attributing it to the AI revolution.
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.
