Apple (AAPL – Research Report), the Technology sector company, was revisited by a Wall Street analyst today. Analyst Wamsi Mohan from Bank of America Securities maintained a Buy rating on the stock and has a $235.00 price target.
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Wamsi Mohan has given his Buy rating due to a combination of factors, primarily revolving around Apple’s potential strategic moves in the AI space. The possibility of a deal with Perplexity AI, a company known for its advanced AI search and answering capabilities, could significantly enhance Apple’s AI offerings, particularly in improving Siri and reducing reliance on Google as a default search engine. This move could position Apple as a leader in AI at the edge and open up new product and market opportunities.
Moreover, the acquisition or partnership with Perplexity AI could provide Apple with access to top-tier AI talent and expertise, creating product synergies that could be monetized through hardware and services. While there are risks such as integration challenges and potential impacts on existing partnerships, the strategic independence and potential entry into the search advertising market present compelling reasons for the Buy rating. Overall, positive developments in AI initiatives are expected to bolster Apple’s stock performance, which has been perceived as lagging in AI innovation.
In another report released on June 10, Raymond James also reiterated a Buy rating on the stock with a $230.00 price target.