This article first appeared on GuruFocus.

Apple (NASDAQ:AAPL) stock surged on Friday after Wedbush analyst Daniel Ives increased his price target to $320 from $310, while maintaining a Buy rating.

Ives said the company’s fiscal fourth-quarter performance and guidance suggest renewed growth momentum following investor concerns earlier this year. Apple recently posted earnings and revenue that topped Wall Street expectations, helped by higher demand for its latest iPhone 17 lineup and continued expansion in its Services business.

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The analyst said the holiday period could be pivotal, noting early strength in U.S. and China smartphone sales. He added that a larger focus on artificial intelligence may support further upside, with a potential agreement involving Alphabet’s Google (NASDAQ:GOOGL) flagged as the next development to watch.

Ives estimated that AI-related initiatives could contribute as much as $75 to $100 per share in value over time.

Chief Executive Tim Cook said iPhone growth may return to double-digit levels in the December quarter and that improvements to Siri, including new AI capabilities, are planned to begin rolling out next year.

Wedbush’s target implies about 18% upside from recent levels.