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Bernstein raises Apple PT on AI monetization potential



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** Shares of Apple Inc AAPL.O down 0.3% at $209.07 premarket

** Bernstein raises PT to $240 from $195, rates stock "outperform"

** The new PT represents 14% upside to stock's last close of $209.68

** Brokerage says investors now believe Apple can be a leader in AI, not a laggard

** Upcoming iPhone 16 could be a strong cycle as brokerage sees on-device AI to drive accelerated iPhone replacement and incremental hardware sales because AI features will only be available on iPhone 15 Pro and above

** With 1 bln+ customers (vs. Chapt GPT at 100M), Apple can quickly bring AI to the masses, with increasing, everyday utility

** The tech giant could monetize by capturing AI search revenues through advertising, commission on commerce and increasing app store spending through AI-based applications - Bernstein

** 31 of 44 brokerages rate the stock "buy" or higher, 12 "hold" and one "sell"; their median PT is $210

** Up to Thursday's close, stock had risen 8.9% YTD



Reporting by Khushi Singh in Bengaluru

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