Wedbush notes that Apple is expected to launch its highly anticipated AI-driven iPhone 16 model lineup at Apple Park, which the firm believes will kick off Cupertino’s biggest upgrade cycle in its history. Importantly, Wedbush expects the key China region to see improving and accelerating growth in this region once again starting with iPhone 16 heading into FY25. This iPhone 16 release is all about Apple Intelligence and the unleasing of the consumer AI Revolution through Cupertino, the firm adds. Wedbush estimates that roughly 20% of consumers worldwide will ultimately access and interact with generative AI apps through the Apple ecosystem over the coming years, which all kicks off with iPhone 16 this week. The firm has an Outperform rating on Apple with a price target of $285 on the shares.
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