Rothschild & Co. analyst Timm Schulze-Melander upgraded Apple Inc. to Buy from Neutral. The firm increased its price target for the stock to $400 from $260.
Schulze-Melander identifies the anticipated September launch of a foldable iPhone Ultra as a primary catalyst. A revised artificial intelligence strategy serves as a second major driver for the upgrade.
The analyst projects that a foldable model will establish a new product category for the company. This device is expected to increase the average selling price across Apple's entire smartphone lineup.