Apple is now attracting investors seeking a safe haven from more volatile and risky artificial intelligence stocks, according to a Bernstein analysis published Thursday. After Jensen Huang’s departure from Nvidia, Apple’s low correlation with technology peers reinforced its defensive status, while its capital expenditure accounts for less than 2% of revenue. Bernstein reiterated its outperform rating and set a $380 price target, implying about 7% upside. Apple trades at 37 times expected earnings per share for 2027, compared with 46 times for Costco and 39 times for Walmart. Bernstein’s smartphone survey found that 90% of iPhone users remained with the brand when replacing their devices.
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