In just a few weeks, Apple (SYM: AAPL) will have another big event.
On September 9 at 1pm EST, the company will host its next big iPhone event. Last September, the company showed off its iPhone 15 and the Apple Watch Series 9.
“This year’s event will stand out against the most recent ones, though. Since the company’s Worldwide Developers Conference in June, investors have looked for announcements on Apple Intelligence, the company’s branded AI features,” as noted by Barron’s.
Better, Wedbush analyst Dan Ives has an outperform rating on Apple with a $285 price target.
Analysts at Third Point also say Apple has “significant upside ahead” based on its artificial intelligence prospects.
“We believe Apple’s recently announced ‘Apple Intelligence’ suite of AI-enabled smartphone features – the most compelling of which is a next-generation virtual assistant – will start driving meaningful new demand within Apple’s installed base, resulting in accelerating revenue growth on two fronts,” said the firm.
“First, iPhone revenue is going to see a marked improvement because Apple Intelligence features will not be backwards-compatible with existing iPhone models, creating the conditions for a forced upgrade cycle. Second, Apple’s App Store is likely to become the primary distribution platform for most new consumer-focused AI apps such as OpenAI’s ChatGPT (with which Apple recently announced a partnership). We expect Apple’s claim on the future economics of these apps to be substantial as it exploits its distribution advantage.”
