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As companies turn their attention increasingly to the metaverse – a virtual world that today’s internet could eventually replace, Bank of America particularly likes tech giant Apple and predicts its stock will be boosted by plans to launch a new augmented reality headset could get a big boost by early 2023.

Important facts

While Apple has been silent about new products in the past, Bank of America predicts the iPhone maker will launch a new headset for augmented reality (AR) and virtual reality (VR) by late 2022 or early 2023.

This new technology will be a “game changer,” Bank of America analyst Wamsi Mohan said in a recent statement, adding that it should result in a big surge in Apple stock.

The company is the latest of several on Wall Street to raise expectations for Apple for the next year and upgrade the stock to a “buy” rating with a target of $ 210 per share, up over 20% over the US current rates means.

The introduction of a headset would also help boost iPhone sales in 2023, not to mention shortening the iPhone replacement cycle in the future – due to the need for higher connectivity such as 5G to take advantage of AR / VR applications, stressed Mohan.

Not only will Apple “be able to charge a premium for the headset,” he said, but it should also increase the company’s service revenue as customers spend more money on immersive apps that are compatible with augmented reality.

Apple stock fell slightly again on Tuesday, around 0.4%, despite Bank of America and other companies recently upgrading the stock.