Apple shares gain ground after Bernstein analyst upgrade

Shares in Apple Inc were up 2.6% on Monday after a well-known analyst at Bernstein Societe Generale Group upgraded the stock to an “outperform” rating, pointing to the prospects for phone replacement phone sales with help from generative artificial intelligence updates.

Apple was on track for its biggest one-day gain in roughly two weeks after the upgrade, which was the stock’s first “buy” rating since early 2018.