AsianFin--Shares in Apple closed up 2.5% 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 registered its biggest one-day percentage gain in more than two weeks after the upgrade, which marked the stock's first "buy" equivalent rating from Bernstein's Toni Sacconaghi since early 2018.