Apple Stock Hits Record High as Analysts Hike Price Targets on AI Optimism [Video]

Apple (AAPL) stock touched a record high in intraday trading Monday as the tech giant received price-target increases from analysts who cited the company’s strong position for the future of artificial intelligence (AI) use on smartphones.

Analysts from Loop Capital and Morgan Stanley each raised their price targets Monday, with Loop Capital analysts also upgrading Apple stock to “buy” from “hold,” while bumping their price target to $300, from $170 previously.

Apple shares were up 1.8% at $235.75 in recent trading, after rising to an all-time high of $237.23 early in the session.

Loop analysts drew a comparison Monday to how the first iPods went on to make Apple the dominant force in music and digital content and how the first iPhones coincided with the rise of social media. Similar to those advances, the analysts wrote that Apple’s new AI-powered iPhones and iPads could make Apple the generative AI“base camp” …