11:13 AM EDT, 09/05/2024 (MT Newswires) -- Apple's ( AAPL ) likely launch of the iPhone 16 lineup at its "Glowtime" event on Monday could be the beginning of a multiyear upgrade cycle driven by the need for the latest hardware to enable generative artificial intelligence features, BofA Securities said in a note Thursday.

The investment bank said it expects Apple ( AAPL ) to launch four iPhone 16 models and roll out Apple Intelligence in the US first, followed by other regions. The Pro and Pro Max models are expected to feature screen size updates and design changes, among others, BofA added.

Unlike past "sell the news" events, Monday's event could benefit the company's stock, according to BofA.

"Past events have seen the stock pull back after the event, only to recover 30-60 days post event," analysts said in the note. "If Apple ( AAPL ) surprises with a compelling demo of Apple Intelligence/third party integrations or with any price increases, we could see the stock fare better than post past events."

BofA maintained Apple's ( AAPL ) buy rating and $256 price objective.

Apple ( AAPL ) shares were up 1.4% in recent Thursday trading.

Price: 223.98, Change: +3.13, Percent Change: +1.42