-- Apple (AAPL) is likely to see a major inflection point in growth as it prepares to unveil its artificial intelligence strategy at WWDC next month, Wedbush said in a Friday research report.
The brokerage forecast that around 20% of the world's population will access AI through an Apple device over the coming years, Wedbush stated.
Apple will be able to monetize AI and storage services over the coming years, expected to add $75 to $100 to the stock and generate an additional $15 billion of annual services revenue, while the company's collaboration with Alibaba (BABA) on AI will be key as it targets a growing installed base in China, analysts wrote.
Monetization depends on Apple's installed base, but innovation in foldable phones, AI smartphone, and affordable Apple Glasses will be the hearts and lungs of the company's success, according to the note.
The brokerage said it reiterated its outperform rating on the stock and boosted its price target to $400 per share from $350.
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