(NASDAQ: AAPL) is off to a mediocre start in 2024. The tech giant received a couple of analyst downgrades recently owing to potential weakness in iPhone demand, patent-related lawsuits, and a potential antitrust suit by the Justice Department.

However, there was some relief for Apple investors after Bank of America Securities analyst Wamsi Mohan upgraded the stock from neutral to buy and also hiked the price target to $225 from $208. The upgraded price target points toward a 16% jump from current levels, and Apple's stock price jumped following Mohan's note.

The BofA Securities analyst pointed out that Apple could benefit from a couple of strong tailwinds in the form of an iPhone upgrade cycle and the upcoming Vision Pro headset. According to Mohan, the growing adoption of additional artificial intelligence (AI) features in smartphones could drive a multiyear upgrade cycle for Apple's biggest product -- the iPhone.

Continue reading

Source Fool.com