Wade Bush Securities analyst Dan Ives posted Apple on Thursdaynftgamesthatmakemoney2000 's stock price target was raised from $250 to $275nftgamesthatmakemoney, reflecting the iPhone 16 supercycle driven by artificial intelligence technology, he believes it could push the stock up by $30 to $40.
Ives also stressed that the upcoming Global Developers Conference will be a critical moment for Apple.
He wrote in a report: "Raise our Apple price target from $250 to $275 to reflect iPhone demand-which is about to usher in the artificial intelligence-driven iPhone 16 supercycle. We believe that artificial intelligence technology built into Apple's ecosystem will add $30 to $40 per share to the stock."
The announcement follows a series of events that shape the narrative surrounding Apple's future. Just a few days ago, Ives hinted that the technology giant might be turning around, calling it a "growth renaissance." This is seen as an important moment for the company, especially before the Global Developers Conference.
In addition, Ives has previously pointed out that the "seeds" of Apple's revival in China have been planted and patience is needed to weather the temporary weakness.
A day earlier, Steve Eisman, one of the archetypes of the movie "Big Short", also emphasized that Apple is a "hidden" role in artificial intelligence, further increasing interest in the company's artificial intelligence potential.