Apple 'May Be The Best Of All The Magnificent Seven From Now To Year-End,' Says Tech Investor Dan Niles

Apple 'May Be The Best Of All The Magnificent Seven From Now To Year-End,' Says Tech Investor Dan Niles

Benzinga ·  06/18 10:16

Renowned tech investor Dan Niles has made a bullish prediction for Apple Inc. (NASDAQ:AAPL), foreseeing the company's ascent to the top of the 'Magnificent Seven' by the year's end.


What Happened: Niles, the founder of Niles Investment Management, has attributed this forecast to Apple's new AI strategy and potential revenue growth, in an interview with CNBC's Fast Money on Monday.

尼爾斯是Niles Investment Management的創始人,在週一接受CNBC的Fast Money採訪中,他將這一預測歸因於蘋果公司的新人工智能策略和潛在的營業收入增長。

"I think [Apple] may be the best of all the Magnificent Seven from now to year-end," Niles said.


"I think [Apple] may be the best of all the Magnificent Seven from now to year-end," says @DanielTNiles
He makes the $AAPL bull case and explains what could drive the stock even higher.

— CNBC's Fast Money (@CNBCFastMoney) June 17, 2024


CNBC的Fast Money (@CNBCFastMoney) 2024年6月17日

He believes the market's focus on Apple's revenue reporting has led to its stock underperformance in the past six months.


Niles emphasized that the new AI strategy, which requires the latest Apple devices to drive revenue, could prompt consumers to upgrade their iPhones. He also suggested that, as seen in the GameStop rally, multiples may not be a significant factor as long as earnings and future prospects are strong.


He made a compelling case for Apple's future growth and explained the factors that could drive the stock even higher.


Why It Matters: Niles' prediction comes amid Apple's recent strides in the AI sector. The company unveiled its generative AI efforts for iPhones and iPads at the Worldwide Developers Conference (WWDC), a move that CEO Tim Cook described as the "next big step" for Apple. This development is expected to significantly enhance the user experience across Apple's product portfolio.


Niles' prediction comes on the heels of Apple's strong second-quarter earnings and the announcement of a $110 billion stock buyback program.


However, CNBC's Jim Cramer has advised investors to consider taking profits from their AI stock holdings, given the sector's significant gains over the past week. It remains to be seen how Niles' prediction aligns with the broader market sentiment.


Price Action: Apple Inc. closed at $216.67 on Monday, up 1.97% for the day. In after-hours trading, the stock increased 0.042%, to $216.76. Year to date, Apple has gained 16.72%, according to the data from Benzinga Pro.

價格行動:蘋果公司週一收盤價爲216.67美元,上漲1.97%。在盤後交易中,該股票上漲0.042%,至216.76美元。據Benzinga Pro的數據顯示,蘋果公司今年迄今爲止上漲16.72%。

Image Via Shutterstock


This story was generated using Benzinga Neuro and edited by Kaustubh Bagalkote

本報道使用Benzinga Neuro生成,並由Kaustubh Bagalkote