Apple rises as Citi picks iPhone maker as top AI play, above Nvidia

Arista Networks

29/08/2024 12:42

** Apple  AAPL.O  shares rise 1.5% to $229.92 premarket
    ** Citi selects AAPL as top AI pick, above chip giant Nvidia
 NVDA.O  and cloud networking provider Arista Networks  ANET.N  
    ** AI is a compelling upgrade for iPhone refresh next year,
brokerage says
    ** Apple is in the best position to take AI phone adoption
to mass market, given its leading position in the premium
smartphone market and seamless integration of software and
hardware - Citi
    ** A U.S. judge ruling Google parent Alphabet  GOOGL.O  has
an illegal monopoly on search already priced into AAPL stock;
Safari browser adds value - brokerage
    ** NVDA shares down 4.3% at $120.30 after its forecasts on
Wednesday disappointed investors hoping they would fuel fresh
gains in the AI rally; ANET shares down 0.8%
    ** 35 of 47 brokerages rate AAPL stock "buy" or higher, 11
"hold" and 1 "sell" or lower; their median PT is $240 
    ** AAPL up ~17.6% YTD

 (Reporting by Arsheeya Bajwa in Bengaluru)
 ((ArsheeyaSingh.Bajwa@thomsonreuters.com; +91 8510015800;))