Apple is expected to get a boost to iPhone sales from the rise in artificial intelligence. Bank of America Securities analyst Wamsi Mohan says in a research note that a large share of the company’s current installed base uses older iPhone models, and those models will likely require upgrades in order to use AI enabled apps in coming years. Mohan raises his estimates for fiscal 2024, 2025 and 2026 iPhone sales off the back of this demand. He sees the company’s risk around legal issues as manageable and says “relative underperformance suggests many risks baked into expectations.” He upgrades shares to buy from neutral and lifts price target to $225 from $208. Shares rise 2.4% to $187.01.