RenownedtechinvestorDanNileshasmadeabullishpredictionforAppleInc.(NASDAQ:AAPL),foreseeingthecompany'sascenttothetopofthe'MagnificentSeven'bytheyear'send.
WhatHappened:Niles,thefounderofNilesInvestmentManagement,hasattributedthisforecasttoApple'snewAIstrategyandpotentialrevenuegrowth,inaninterviewwithCNBC'sFastMoneyonMonday.
"Ithink[Apple]maybethebestofalltheMagnificentSevenfromnowtoyear-end,"Nilessaid.
"Ithink[Apple]maybethebestofalltheMagnificentSevenfromnowtoyear-end,"says@DanielTNiles
Hemakesthe$AAPLbullcaseandexplainswhatcoulddrivethestockevenhigher.pic.twitter.com/0JitVzMBaq
—CNBC'sFastMoney(@CNBCFastMoney)June17,2024Hebelievesthemarket'sfocusonApple'srevenuereportinghasledtoitsstockunderperformanceinthepastsixmonths.
NilesemphasizedthatthenewAIstrategy,whichrequiresthelatestAppledevicestodriverevenue,couldpromptconsumerstoupgradetheiriPhones.Healsosuggestedthat,asseenintheGameStoprally,multiplesmaynotbeasignificantfactoraslongasearningsandfutureprospectsarestrong.
HemadeacompellingcaseforApple'sfuturegrowthandexplainedthefactorsthatcoulddrivethestockevenhigher.
WhyItMatters:Niles'predictioncomesamidApple'srecentstridesintheAIsector.ThecompanyunveileditsgenerativeAIeffortsforiPhonesandiPadsattheWorldwideDevelopersConference(WWDC),amovethatCEOTimCookdescribedasthe"nextbigstep"forApple.ThisdevelopmentisexpectedtosignificantlyenhancetheuserexperienceacrossApple'sproductportfolio.
Niles'predictioncomesontheheelsofApple'sstrongsecond-quarterearningsandtheannouncementofa$110billionstockbuybackprogram.
However,CNBC'sJimCramerhasadvisedinvestorstoconsidertakingprofitsfromtheirAIstockholdings,giventhesector'ssignificantgainsoverthepastweek.ItremainstobeseenhowNiles'predictionalignswiththebroadermarketsentiment.
PriceAction:AppleInc.closedat$216.67onMonday,up1.97%fortheday.Inafter-hourstrading,thestockincreased0.042%,to$216.76.Yeartodate,Applehasgained16.72%,accordingtothedatafromBenzingaPro.
ImageViaShutterstock
ThisstorywasgeneratedusingBenzingaNeuroandeditedbyKaustubhBagalkote
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