Apple Hailed As ‘Table-Pounder’ Tech Stock To Own By Top Analyst Who Calls Vision Pro ‘Potential Game Changer’


Hot on the heels Apple Inc(NASDAQ: AAPL) Vision Pro hits shelves, Wedbush analyst reiterated his bullish outlook on the stock.

Obvious success: Analyst Daniel Ives noted a surge in customer interest, saying, “Customers are coming to Apple Stores with a curiosity and intrigue for demos and purchases that we haven't seen in many years.” »

“The customers we spoke with this weekend saw first-hand the spatial computing and appeal that this unique Apple Vision Pro device brings to the table and the ecosystem for $2.2 billion. active iOS devices worldwide,” the analyst said.

The Vision Pro is a “potential game changer” over the years, Ives said, adding that “Cupertino has seen clear success with this next-generation form factor, far exceeding Street's original expectations.”

While admitting the $3,500 price tag is high, the analyst said he was surprised by the early mass market appeal of Apple's latest hardware product. He also highlighted the “dropper” of 600 applications designed for the product.

The weekend's strong reception gives Wedbush confidence in its 600,000 unit Vision Pro goal for 2024, the analyst said.

Future prospects : Ives considers the Vision Pro to be Apple's first foray into AI, anticipating a separate AI App Store announcement at WWDC this summer. He envisions the next version, Vision Pro 2, which will be priced under $2,000 and evolve into sunglasses-like form factors in the coming years. Ives forecasts more than 1 million Vision Pro units as an initial sales target for FY25.

See also: Everything You Need to Know About Apple Stock

AI Integration: “This is just the beginning for Vision Pro,” Ives said, noting that his checks with the industry revealed that the next version of Vision Pro 2 will be priced under $2,000.

“We also believe that future Vision Pro models will resemble form factors that resemble sunglasses in the coming years and will offer much broader scope/features for Apple users in the future, with north of one million Vision Pro units our initial sales bogey for FY25,” Ives said.

The analyst sees Vision Pro as Apple's first step into AI, with a separate AI App Store announcement likely coming at WWDC this summer. Apple could integrate AI into its iPhone 16, marking the start of a “new frontier of growth for Cupertino’s golden installed base,” he said.

“While many on the street consider Vision Pro to be noise, we strongly disagree and believe this is the first step toward a much broader technological vision that Cook & Co. is planning to expand to its installed base over the coming years,” Ives said.

Outlook and rating: “While last week Apple gave conservative forecasts for March, with headwinds in China a source of concern for the Street, we continue to view this as a small blip on the growth revival in coming for Apple over the next 12-18 months and it remains a benchmark technology stock in our opinion,” Ives wrote.

He maintains an outperform rating and $250 price target on Apple stock.

Market Performance: Apple closed Friday's session down 0.54% at $185.85, according to Benzinga Pro data.

Read next: Apple's Q1 Profits Beat Estimates as Cupertino Posts 4-Quarter Revenue Decline Streak; Stocks fall on China weakness

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