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The information provided on EL7.AI is for educational and informational purposes only and does not constitute financial advice.
In a move reflecting Wall Street's confidence in Apple's future, Bank of America reiterated its 'Buy' rating on the stock with a $380 price target, according to financial reports. Meanwhile, Apple faces a cybersecurity probe after a ransomware group claimed to have published files linked to the company, though the data reportedly dates back to 2021, easing immediate concerns.
This development comes as Apple shares trade at $285.78 (close June 29), lower than its tech peers; Alphabet (GOOGL) closed at $285.78 and Microsoft (MSFT) at $377.5. Analysts believe Apple's AI strategy, particularly its new context-aware Siri, remains undervalued, providing support for the stock despite security concerns.
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Sign InIn the near term, investors are watching the outcome of the security investigation and its potential impact on Apple's reputation, along with any signs of progress on its AI strategy. Technically, the stock trades at $285.78 (close June 29), near its daily low of $284.42, with resistance at $288.3, indicating a tight range awaiting a new catalyst.