Apple’s stock surged to its highest level since 2022 following an earnings beat and a $110 billion stock buyback announcement.

Apple shares surged 6% on Friday after the company announced better-than-expected second-quarter earnings and its largest-ever stock buyback program, marking its best day since November 30, 2022.

The tech giant revealed plans to repurchase $110 billion of its shares, setting a new record for buybacks in U.S. history. Despite a 4% decline in overall sales and a 10% drop in iPhone sales year over year, analysts at Bank of America reiterated their buy rating for Apple, citing growth opportunities in Mainland China and upcoming generative artificial intelligence features for the iPhone.

JPMorgan analysts raised their price target to $225, emphasizing resilient iPhone revenues and expectations for an upgrade cycle-driven tailwind in iPads.

Similarly, Morgan Stanley analysts increased their price target to $216, noting Apple’s quarterly performance, iPhone shipment growth in China, stock buyback, and potential AI updates.

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