Worst is over for Apple, AI strategy pivotal to bullish outlook- Wedbush
) after the firm clocked better-than-feared earnings for the March quarter, with the iPhone maker’s strategy for artificial intelligence now set to determine its next phase of growth.
Wedbush analysts wrote that Apple needed to get through the June quarter by at least meeting street estimates, and that the remaining two quarters for the year presented an opportunity for growth. “We believe the worst is in the rearview mirror for Apple and now there is a massive iPhone product cycle with pent-up demand and AI now coming to Cupertino looking out over the next 6-9 months along with a $110 billion newly announced buyback in Apple's back pocket,” Wedbush analysts wrote in a note, while maintaining their outperform rating and $250 price target on the stock.
Apple has somewhat lagged its smartphone peers in rolling out new AI features in its devices- a trend that also factored into increased competition in the country’s key markets, particularly China.
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