Evercore ISI analyst Amit Daryanani maintained a Buy rating on Apple today and set a price target of $250.00.
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Amit Daryanani has given his Buy rating due to a combination of factors that highlight Apple’s strategic positioning and financial prudence. Despite recent changes in its AI leadership, Apple remains committed to maintaining flexibility and cost-effectiveness in its approach to artificial intelligence. This strategy allows Apple to preserve capital and explore various monetization avenues, which is crucial for sustaining long-term growth.
Moreover, the company’s ability to adapt and potentially leverage third-party models for enhancing its AI capabilities, like Siri, demonstrates its proactive stance in a competitive market. Daryanani’s confidence in Apple’s stock is further supported by the company’s potential to replicate successful revenue-sharing models, akin to its existing partnership with Google, which could drive future profitability. These factors collectively underpin the Buy rating, reflecting a positive outlook on Apple’s ability to navigate challenges and capitalize on opportunities in the tech landscape.
In another report released yesterday, Goldman Sachs also reiterated a Buy rating on the stock with a $253.00 price target.
Based on the recent corporate insider activity of 38 insiders, corporate insider sentiment is negative on the stock. This means that over the past quarter there has been an increase of insiders selling their shares of AAPL in relation to earlier this year.