DeepSeek-driven device upgrades could benefit Apple, says TD Cowen. Apple shares jumped 2.2% in morning trading.
TD Cowen says sentiment on Apple shares has been mixed to negative during the recent holiday period owing to iPhone share loss in China, negative revisions to build estimates, and limited artificial intelligence driven upgrades in the current 16 product cycle.
However, if AI ecosystem progress in efficient models like DeepSeek sparks device upgrades, Apple can benefit, the analyst tells investors in a research note.
TD expects Apple to report in-line December quarter results and guide in-line with consensus for the March quarter.
The macro environment is likely to still be a headwind in the first half of 2025, but a richer selling price mix and stable margins could be positive offsets for Apple, contends TD.
Further, the market focus on DeepSeek and efficient AI models could accelerate AI app innovation and mobile upgrades, adds the firm. It keeps a Buy rating on Apple with a $250 price target.
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