Apple (AAPL) stock is gaining momentum as Wall Street analysts grow increasingly bullish on the tech giant, largely due to its AI prospects and growth potential. Bank of America (BAC) has raised its price target on Apple from $230 to $256 per share. Bank of America IT hardware analyst Wamsi Mohan joins Catalysts to discuss these developments.

Mohan reveals that a recent BofA survey indicated "a meaningful uptick" in consumers willing to upgrade their iPhones in 2024 to access new Apple Intelligence features. Based on these findings, he believes this could spark "a multi-year cycle" of growth for Apple, particularly given the significant number of users still operating older iPhone models.

"Apple's not first in the game, generally not, but when they do come, you have a highegree d of confidence that whatever product they are coming up with is going to act extremely well," Mohan tells Yahoo Finance.

For more expert insight and the latest market action, click here to watch this full episode of Catalysts.

This post was written by Angel Smith