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Apple Intelligence Fails to Drive iPhone Demand: Barclays Cuts to Underweight at $253

GateNews
Stocks
Following Apple's Monday announcement of new AI features branded as Apple Intelligence at its Worldwide Developers Conference, multiple analysts took a cautious stance on the iPhone maker on Tuesday. Barclays kept an 'Underweight' rating on Apple with a price target of $253, implying roughly 15% downside, stating that the AI features are 'interesting though not necessarily transformative' and 'not enough to drive an upgrade cycle.' UBS also maintained its 'Neutral' rating with a $296 price target, noting that while the AI announcements add value, they do not expect them to be a 'material driver' of iPhone demand. UBS added that Apple's 'AI journey is likely to be iterative over the next couple of years.'
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