Why Apple Stock Rose Today
Key Points
Apple intends to enter the AI arena with wearable innovations.
A respected Wall Street analyst sees gains of over 30% for investors who buy Apple's stock now.
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Shares of Apple (NASDAQ: AAPL) climbed on Tuesday, following a bevy of exciting news for investors.
By the close of trading, Apple's stock price was up more than 3%.
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Intriguing developments
Apple is gearing up for a product launch on March 4, according to Bloomberg. The tech titan is reportedly planning to hold some in-person showcases for select media representatives to unveil new devices, potentially including a refreshed lineup of Mac computers.
Apple is also reportedly creating several artificial intelligence (AI)-powered products, including three new wearable devices. AI-enabled AirPods, innovative smart glasses, and a Siri-powered pendant are all being developed, according to Bloomberg.
Additionally, Apple announced new video podcast features. Users of the Apple Podcasts app will soon be able to easily switch between listening and watching their favorite shows. Podcast creators will also have the ability to insert video ads. Apple plans to charge ad networks impression-based fees for these ad spots beginning later this year.
Wall Street is getting more bullish
The news didn't go unnoticed. Wedbush analyst Dan Ives pounded the table for Apple's stock and reaffirmed his outperform rating on the tech giant's shares.
Ives sees Apple's stock price surging roughly 33% to $350 per share, driven by the company's AI initiatives and upcoming product launches.
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Joe Tenebruso has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Apple. The Motley Fool has a disclosure policy.
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