- Apple Inc (NASDAQ:AAPL) will likely see an increase in iPhone sales, thanks to the rollout of 5G networks worldwide and the possibility of augmented/virtual reality glasses coming later this year, Bank of America said.
- Analyst Wamsi Mohan noted that as the world comes out of the pandemic, replacement cycles for smartphones are "re-normalizing," pointing out that a January 2022 survey found that 30% of respondents are likely to upgrade their phones every year, higher than the 23% in March 2020, but still below the 32% seen in December 2019.
- Related Content: Apple Q4 Revenues Miss Estimates As Supply Chain Issues Eat Into iPhone Sales
- Mohan reiterated the firm's Buy rating and $215 price target, some 23% higher than current levels.
- Price Action: AAPL shares traded lower by 1.57% at $169.85 in the market on the last check Thursday.
