Apple rises as BofA upgrades on potential from AI, headset
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Apple Inc. shares rose on Thursday, after Bank of America upgraded the iPhone maker to buy from neutral, a sign of confidence in the stock following a weak start to the year.The stock gained 3.3%, its biggest one-day percentage gain since May. It remains down 2% this year, making it one of the weakest performers among the so-called Magnificent 7 megacaps that fueled market gains in 2023. Artificial intelligence will be a driver for the company's hardware and services business, according to BofA analyst Wamsi Mohan, who wrote that he sees a “stronger multi-year iPhone upgrade cycle driven by need for the latest hardware to enable Generative AI features to be introduced in 2024/2025.” Mohan also thinks the upcoming launch of Apple's virtual reality headset has potential, writing th...