Overview

• Bank of America revised Apple's stock price target from $230 to $256, citing confidence in a multi-year upgrade cycle.
• A recent survey showed that 73% of iPhone users still have models from the iPhone 13 series or older.
• New generative AI features, including Apple Intelligence, are expected to drive the upgrade demand.
• iPhone sales accounted for over 50% of Apple's revenue in the second quarter, highlighting the importance of this upgrade cycle.
• Customer loyalty remains strong, with 58% of current iPhone users planning to buy another iPhone for their next upgrade.