Apple at a crossroads, needs to step up with AI – Rosenblatt
Apple (AAPL) at a crossroads, needs to step up with AI – Rosenblatt
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Apple (NASDAQ:AAPL) is at a crossroads, according to analysts at Rosenblatt on Tuesday, who believe “AI needs to step up” at the tech powerhouse.
The firm, which has a Neutral rating and a $189 price target on the stock, said Apple shuttering the 10-year-old Apple car effort, after introducing a “not-yet-ready-for prime time” Vision Pro, has dimmed the iPhone maker’s luster as a historically disruptive innovator.
This is “a reputation that is key for its premium valuation,” said analysts, who believe Apple has the potential to regain some of this sheen.
“If Apple can launch inspiring new AI capabilities, that could go some way to easing the current funk,” they wrote. “Tim Cook, echoing similar statements at the company’s Dec. earnings report, at Apple’s annual meeting last week said the company sees ‘incredible breakthrough potential for generative AI.'”
Rosenblatt feels Apple probably needs to disclose its plans at the June WWDC, where the company is expected to reveal its objectives for “some kind of meaningful new capabilities in generative AI.”
