Apple stock will continue to do well if incoming CEO Ternus maintains Cook's strategy: Tom Forte

Summary

Tom Forte discusses Apple ahead of WWDC, focusing on incoming CEO John Ternus. He maintains a buy rating and $310 price target, arguing that if Ternus keeps Cook's strategy intact, Apple's stock can continue to do well. He has low expectations for an AI-enhanced Siri and notes potential future capex needs for Apple's own AI models.

• Tom Forte has a buy rating on Apple with a $310 price target.
• He believes Apple stock can perform well if new CEO Ternus maintains Tim Cook's strategy.
• iPhone remains about half of Apple's revenue with recent double-digit growth.
• Forte has low expectations for an AI-enhanced Siri based on past disappointments.
• He questions whether Apple will need to increase capex for proprietary AI models.
• The partnership with Google for Siri enhancement is seen as a short-term solution.
• No dedicated AI hardware device has yet emerged to challenge Apple's position.