Wall Street’s New AI Forecasts: Apple Gets an Upgrade After Dip, Citi Lowers Expectations for Nvidia

This week, several prominent Wall Street analysts have made key changes to their outlooks on major AI-related stocks. Jefferies upgraded Apple to Hold from Underperform after a stock pullback, citing a favorable entry point. However, the firm trimmed its price target and reduced forecasts for iPhone shipments, revenue, and earnings citing global recession fears and a cautious AI outlook. Apple is expected to raise iPhone prices due to higher component costs, and the analysts are less optimistic about Apple’s long-term AI revenue prospects. Meanwhile, Citi cut revenue and earnings estimates for Nvidia and Marvell Technology on concerns over slowing cloud spending and ongoing macroeconomic uncertainty. The updates underscore the cautious tone among analysts regarding the outlook for leading tech firms tied to AI.

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