Raymond James Reiterates Outperform Rating on Apple (AAPL)

Raymond James analyst Srini Pajjuri reiterated an Outperform rating and $230.00 price target on Apple (NASDAQ: AAPL).

The analyst comments "Apple’s WWDC keynote was largely as expected. The company announced several incremental Apple Intelligence features, including live language translation, visual intelligence (supported by ChatGPT), and additional language support. The Foundation Models framework allows thirdparty apps to access on-device LLMs and offer intelligent features even when off-line. Outside of AI, the event was focused on OS redesigns with Liquid Glass UI and new productivity features. While the eagerly-awaited Siri overhaul remains delayed, we believe Apple is uniquely positioned to offer innovative on-device AI features given its ecosystem strength, hardware capabilities, and privacy focus. On-device AI has lower capex needs and offers faster monetization potential through consumer hardware upgrades, in our view. The company is already seeing evidence as the iPhone 16 is selling better in regions where Apple Intelligence is supported. We are optimistic that the momentum will sustain as Apple rolls out new AI features and expect an acceleration with the upcoming Siri update. In addition, greater developer access to on-device LLMs should jumpstart in-app AI offerings and generate incremental Services revenue. Reiterate Outperform."

For an analyst ratings summary and ratings history on Apple click here. For more ratings news on Apple click here.

Shares of Apple closed at $201.45 yesterday.

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