From next month, Apple (AAPL) will stop offering free Apple TV+ trials for extended periods to customers who purchase its other products, according to a CNBC report.
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Apple TV+ is a video streaming service that competes with Netflix (NFLX) and Disney+ (DIS). It costs $4.99 per month but can be purchased as a bundled package with services like iCloud and Apple Music for $14.95 per month.
The company previously offered a free one-year Apple TV+ subscription to customers who purchased any of its devices, such as the iPhone or Apple Watch. That free offer is about to end. Starting July 1, customers will only get three months of free service when they buy an Apple device, according to the report.
At the same time, customers who have enjoyed the one-year free trial will start to be automatically billed. The end of the long Apple TV+ free trial comes as the second season of the hit comedy, Ted Lasso, is set to premiere on July 23. New seasons of other popular shows are also expected in the coming months. (See Apple stock chart on TipRanks).
Credit Suisse analyst Matthew Cabral recently reiterated a Hold rating with a price target of $150 on Apple stock. Cabral’s price target suggests 12.69% upside potential.
According to the analyst, Apple’s 2021 annual developer event dubbed WWDC was “largely as expected”. Cabral highlighted Apple’s commitment to privacy and data protection and advantage in on-device processing. Additionally, Cabral stated that the focus remains on iPhone strength going into the second year of 5G.
Consensus among analysts is a Moderate Buy based on 20 Buys, 5 Holds, and 2 Sells. The average Apple analyst price target of $157.92 implies 18.64% upside potential to current levels.
AAPL scores a “Perfect 10” on TipRanks’ Smart Score rating system, indicating that the stock has strong potential to outperform market expectations.
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