Apple’s CEO Tim Cook attends the China Development Forum in Beijing on March 24, 2024.Pedro Pardo | AFP | Getty Images
The article discusses Apple’s impressive performance in the second quarter, resulting in its best day on the stock market since November 2022. This surge follows the company’s announcement of a substantial $110 billion stock buyback program, the largest in U.S. history, and better-than-expected earnings. Despite a 4% decrease in overall sales and a 10% drop in iPhone sales year over year, analysts remain optimistic. Bank of America reiterated their buy rating, emphasizing Apple’s expansion in China and the anticipated rollout of generative artificial intelligence features for iPhones. JPMorgan analysts also maintained an overweight rating, citing resilient iPhone revenues and expectations of an upgrade cycle. Similarly, Morgan Stanley analysts retained their overweight rating, highlighting Apple’s quarterly performance, growth in iPhone shipments to China, stock buyback, and hints at forthcoming AI updates. Overall, analysts foresee potential revenue growth in the coming years driven by product cycles and technological advancements, despite the current modest revenue growth.
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