Apple upgraded to Buy from Hold at Loop Capital

Loop Capital analyst Ananda Baruah upgraded Apple to Buy from Hold with a price target of $300, up from $170. Loop’s supply chain work suggests that Apple has an opportunity the next few years to solidify itself as consumer’s generative artificial intelligence “base camp” of choice, just as it did for social media 15 years ago with the iPhone and digital content consumption 20 years ago with the iPod, the analyst tells investors in a research note. Each of those trends were material stock catalysts and the basic math suggests that generative AI “has the opportunity to be the same,” contends the firm. Loop says Apple is looking to “3-peat as the platform of choice.”