Wedbush analysts believe Apple is set for more growth as it enters a multi-year cycle of Apple iPhone upgrades with the help of AI investments. At this point, according to the firm, the market misvalues Apple's AI initiatives Apple Intelligence in particular as enough to boost revenue significantly in the years ahead.

Dan Ives' supply chain checks indicate that consumers like Apple's AI strategy, suggesting that the iPhone 16 cycle could be "a historical one."

With Apple stock in record-high territory, a longtime Apple bull on Thursday raised his price target to the highest level on Wall Street.