I would not interpret the broader wave of upgrades as proof that “smart money” is uniformly bullish, though. AI semiconductors are already one of the market’s most crowded trades, so expectations are extremely high.
For AAPL, I like the ecosystem, pricing power and potential new product cycle, but at current valuations execution matters. A $400 target becomes credible only if the foldable iPhone expands revenue rather than simply cannibalising existing models, while Apple finally demonstrates meaningful AI monetisation.
So yes, AAPL’s upgrade catches my attention, but I would accumulate on weakness rather than chase the rating change.
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- twixzy·08-25 17:23I agree the foldable and AI angle matters, but valuation is still the harder part. Feels like a lot of that upside is already priced unless the upgrade cycle is actually incrementalLikeReport