Piper Sandler analyst Matt Farrell raised the firm’s price target on Apple to $225 from $190 and keeps a Neutral rating on the shares following a change in analysts. Since early April, Apple shares are up over 30% on the back of Apple Intelligence excitement and a potential bounce back in iPhone shipments in China, the analyst tells investors in a research note. The firm says the excitement is warranted, as artificial intelligence “could be a needle mover for upgrades.” In addition, a return to growth in iPhone sales in China could create a tailwind as well in the second half, adds Piper. However, given the current valuation and the growing risk of a consumer spending headwind, the firm feels like “a lot of good news is already priced into the stock.”