Bank of America on Wednesday reiterated its buy recommendation on Apple stock, with an unchanged price target of $230, in anticipation of the arrival of 'intelliphones', smartphones that will be equipped with AI.
According to the analyst, the adoption of these next-generation devices should occur at a much faster pace than that of, say, smartphones or 5G-related technologies.
BofA sees these 'intelliphones' being equipped with functionalities such as language processing, health indicator monitoring, augmented/virtual reality or personalized user-specific experiences.
In its view, the volume sales of these 'intelliphones' should outstrip PCs in the AI era, due to their portability, features and lower cost.
Bank of America continues to rank the stock among its 'top picks' within the high-tech sector.
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Apple Inc. specializes in the design, manufacture and marketing of computer hardware and music supports. Net sales break down by family of products and services as follows:
- telephone products (52.1%): iPhone brand;
- peripheral devices (10.5%): screens, storage systems, printers, video camera, memory cards, server, switches, etc.;
- computers (10.2%): laptops (MacBook, MacBook Air and MacBook Pro brands) and PCs (iMac, Mac mini, Mac Pro and Xserve);
- music support (7.4%): music readers iPod and iPad and accessories;
- other (19.8%): software, maintenance service and Internet access service, etc.
Net sales are distributed geographically as follows: Americas (42.4%), China/Hong Kong/Taiwan (18.9%), Japan (6.3%), Asia/Pacific (7.7%) and Europe/India/Middle East/Africa (24.7%).
APPLE INC. 
