Apple price target raised to $240 from $195 at Bernstein

Bernstein raised the firm’s price target on Apple to $240 from $195 and keeps an Outperform rating on the shares. Apple shares stock have outperformed the S&P 500 Index by 13% since Q2 earnings, including a nearly 10% gain after Worldwide Developers Conference on June 10, and are no longer inexpensive versus recent history, the analyst tells investors in a research note. The firm believes the principal reason for incremental investor enthusiasm for Apple is that investors now believe Apple can be a leader in artificial intelligence, not a laggard. Bernstein is “increasingly convinced” that Apple will be an AI beneficiary, but sees risk that the benefits could take longer to materialize than some bulls appear to believe. Many features for Apple Intelligence will roll out over the next year, and will only work in English, potentially pushing out some upgraders to the iPhone 17 cycle, it contends.