HSBC Upgrades Apple to Buy, Raises Price Target to $366 From $260 on Friday

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HSBC upgraded Apple to buy on Friday and raised its price target to $366 from $260, citing the potential of Apple Intelligence upgrades and new AI features that could drive a major upgrade cycle. The firm said Apple can benefit from AI without the heavy capital spending weighting on hyperscalers. HSBC also pointed to the approval of Apple Intelligence in China as an additional catalyst to encourage customers to upgrade to newer iPhones.
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