12:50 AM EDT, 05/03/2024 (MT Newswires) -- CFRA, an independent research provider, has provided MT Newswires with the following research alert. Analysts at CFRA have summarized their opinion as follows:

We hold our 12-month target at $210 on a P/E of 29x our CY 25 EPS of $7.25, above peers. We keep our FY 24 (Sep.) EPS at $6.56 and FY 25 at $7.10. After posting better than feared Mar-Q results/outlook showing iPhone/China resilience (see prior note), AAPL is poised to turn around a string of revenue declines (down 5 of 6 Qs). We expect AAPL to upgrade its entire fleet of core hardware devices with on-device AI over the next 6-9 months, starting with a major iPad event on 5/7 (last iPad upgrade was in CY 22). We think the iPhone 16 launch this fall is poised to benefit from an aging installed base (iPhone 12 buyers now 4 years into its last purchase), a slew of AI features, and a heavy dose of AAPL marketing. Not to be forgotten, AAPL's WWDC will showcase major GenAI software initiatives (could come alongside partnerships). In addition, we come away bullish on Services that is likely to see sustained higher growth (14% in Mar-Q from 11% in Dec-Q) and note the EU DMA appears to thus far have no major impact.