Piper Sandler raises Apple's target price but warns that the good news has been reflected in the stock price already

Piper Sandler raised Apple's target price to $225, but warned that the good news has been reflected in the stock price. The analyst at the firm stated that artificial intelligence may become a driving force for Apple's hardware upgrades, and the recovery growth in iPhone sales in China will also bring positive factors. However, considering the risks of valuation and consumer spending, many positive news have already been priced into the stock. Apple's expected P/E ratio is 32 times, close to a new high in three years. Despite some institutions suggesting that Apple's Apple Intelligence may drive hardware upgrades, analysts are still uncertain whether this will happen