08:10 AM EDT, 06/21/2024 (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 up our 12-month target to $240 from $210 on a P/E of 29x but shifting to our CY 26 EPS of $8.28 (based on CY 25 prior). We keep our FY 24 (Sep.) EPS at $6.56 and raise FY 25 to $7.23 from $7.10. We initiate FY 26 at $8.10. As we look ahead to the iPhone 16 launch this fall, we are growing more confident that consensus views remain too low as we see upside to our iPhone unit assumptions (3%-5% growth). We expect Apple Intelligence (AI) to help support incremental consumer upgrades, driven by loyalists and an aging installed base, with AI being more evolutionary than cyclical that will aid multiple years of growth. Also, we think AAPL has an opportunity to boost prices this fall, although our model doesn't currently forecast ASP growth. While we acknowledge AAPL's valuation has become more stretched since the post-WWDC run, we are extremely excited about the experiences that developers will be able to create, supporting Services growth and belief that the iPhone can become the ultimate personal assistant.