A Monday report from Wedbush Securities showed demand for Apple's (AAPL, Financial) iPhone 16 running somewhat ahead of estimates. The company observed that although Apple Intelligence's implementation is just starting, more advances are expected in 2024.
With improvements across Apple's installed base going smoothly through Christmas, Wedbush analysts said supply chain inspections show good holiday season performance. By April, Apple Intelligence, the company's AI platform, is likely to spread its tentacles across China and other countries along with maybe a Chinese technological partner.
Wedbush reiterated a $300 price target by keeping its Outperform rating on Apple stock. Monday premarket trade for Apple's shares ticking in the green. As Apple turns toward AI-driven innovation and gets ready for larger worldwide feature rollouts in important areas, the paper emphasizes ongoing momentum for Apple's newest flagship smartphone. It's important to note that Apple stock has been a major Mag 7 winner this year, jumping over 32% YTD and 21.3% in the past six months.
