Apple (AAPL) is opening a manufacturing program in Detroit, Michigan, as the consumer electronics giant faces pressure from U.S. President Donald Trump to bring more jobs and investment to America.
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The new “Apple Manufacturing Academy” will be administered by Michigan State University and offer workshops on manufacturing and artificial intelligence (AI) to small and medium-sized businesses when it opens in August of this year, according to a statement by Apple. The company said it will “train the next generation of U.S. manufacturers” and that Apple engineers will participate in the workshops.
Apple is one of the world’s leading electronics manufacturers, making tens of millions of complicated devices each year across a worldwide supply chain. “With this new programming, we’re thrilled to help even more businesses implement smart manufacturing so they can unlock amazing opportunities for their companies and our country,” said Apple.
The company added that it will provide consulting services to small businesses through the program, and that the manufacturing academy will offer some courses virtually.
Invest in America
Analysts were quick to say that the manufacturing program is the latest effort by Apple to highlight its U.S. operations and investments in an effort to appease President Trump, who has been critical of the company’s overseas operations and called for iPhone production to be moved to the U.S.
The Apple Manufacturing Academy is part of the iPad maker’s plans to spend more than $500 billion in the U.S. over the next five years, investing in products, programs and companies. Apple has also pledged to assemble AI servers in Texas and buy microchips from a Taiwan Semiconductor Manufacturing Co.’s (TSM) factory based in Arizona.
AAPL stock is down 15% this year.
Is AAPL Stock a Buy?
The stock of Apple has a consensus Moderate Buy rating among 25 Wall Street analysts. That rating is based on 13 Buy, 11 Hold, and one Sell recommendations assigned in the last three months. The average AAPL price target of $229.11 implies 7.04% upside from current levels.
