Apple price target raised to $275 from $255 at Daiwa

Daiwa raised the firm’s price target on Apple (AAPL) to $275 from $255 and keeps an Outperform rating on the shares. The firm expects phones to be the first area to see artificial intelligence product upgrades and says Apple Intelligence could be the leading AI product for cell phones. This is more of a second half of 2025 event, but that is only six months away, the analyst tells investors in a research note. Daiwa says that if 80%-90% of the 1.4B active iPhones will not be able to use Apple Intelligence, as Apple has said that only the 15 Pro models and the new 16 models will be able to use it due to a lack of AI processing power, it expects a multi-year AI upgrade cycle, likely starting with the fall 2025 launch of the iPhone 17.