Morgan Stanley calls Apple stock ‘Top Pick’- Hits Record High
In a stunning display of market confidence, Apple Inc. has once again proven why it's the world's most valuable company.
The tech behemoth's stock hit an all-time high on July 15, 2024, propelled by a potent mix of AI innovation and bullish analyst forecasts. Let's explore this remarkable surge and what it means for the future of technology.
The AI Catalyst: Apple Intelligence
At the heart of Apple's latest triumph lies its newly unveiled AI initiative, Apple Intelligence. Launched just last month, this platform has already sent shockwaves through the tech industry and financial markets alike. But what makes it so special?
- Compatibility: Currently works with only 8% of existing iPhones and iPads
- Potential: Could drive sales of nearly 500 million iPhones over the next two years
- Competition: Positions Apple to compete with AI giants like Google and OpenAI
Apple Intelligence isn't just another feature – it's a paradigm shift that could redefine how we interact with our devices. As Morgan Stanley analysts pointed out, this technology is a “clear catalyst” for boosting iPhone and iPad shipments.
Wall Street's Reaction: Upgrades and Soaring Stocks
The market's response to Apple's AI push has been nothing short of extraordinary:
1. Stock Performance:
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- Shares rose 2.5% to $236.30
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- Market value reached a staggering $3.62 trillion
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- Year-to-date increase of nearly 20%, outperforming the S&P 500
2. Analyst Upgrades:
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- Morgan Stanley raised its price target from $216 to $273
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- Designated Apple as a “top pick”
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- Loop Capital upgraded the stock to “buy” with a Street-high price target
This enthusiastic response from Wall Street underscores the transformative potential of Apple's AI strategy. As Erik Woodring from Morgan Stanley noted, Apple Intelligence could trigger “a record number of device upgrades.”
The Bigger Picture: AI and the Smartphone Market
Apple's AI push isn't happening in isolation. It's part of a broader trend that's set to reshape the entire smartphone industry:
- Market Recovery: AI-enabled smartphones are expected to boost overall market recovery
- Leadership: Apple and Samsung are predicted to lead this resurgence
- Global Sales: Apple's smartphone sales reached 45.2 million in Q2 2024, up from 44.5 million a year earlier
While Apple's market share slightly dipped to 15.8% from 16.6%, the company's strong performance in a challenging market environment is a testament to its resilience and innovation.
What's Next for Apple?
As Apple continues to push the boundaries of AI integration, investors and tech enthusiasts alike are watching closely. Here are some key factors to keep an eye on:
- Device Upgrades: Will Apple Intelligence drive the predicted surge in iPhone and iPad sales?
- Competition: How will rivals like Google and Samsung respond to Apple's AI advancements?
- New Products: Could Apple leverage its AI capabilities to enter new product categories?
One thing is clear: Apple's journey into AI is just beginning. As Tim Cook, Apple's CEO, stated at WWDC, “AI is going to affect every product and every service we have.”
The Bottom Line
Apple's record-breaking stock performance is more than just a number – it's a vote of confidence in the company's vision for an AI-powered future. As the tech giant continues to innovate and expand its AI capabilities, it's not just changing the game – it's rewriting the rules entirely.
For investors, tech enthusiasts, and everyday consumers, the message is clear: in the world of AI, Apple is a force to be reckoned with. The question now isn't whether Apple will lead the AI revolution but how far it will go.

Jim's passion for Apple products ignited in 2007 when Steve Jobs introduced the first iPhone. This was a canon event in his life. Noticing a lack of iPad-focused content that is easy to understand even for “tech-noob”, he decided to create Tabletmonkeys in 2011.
Jim continues to share his expertise and passion for tablets, helping his audience as much as he can with his motto “One Swipe at a Time!”