Analyst Mike Ng of Goldman Sachs maintained a Buy rating on Apple (AAPL – Research Report), retaining the price target of $294.00.
Mike Ng has given his Buy rating due to a combination of factors including the strategic launch of the iPhone 16e and significant US investments. The iPhone 16e is positioned as an entry-level option within Apple’s portfolio, with a price increase and internalized modem that are expected to bolster profit margins. Additionally, the lack of lead times for the iPhone 16e suggests strong supply chain management and availability, which is a positive indicator for sales.
Moreover, US carriers are offering attractive promotions for the iPhone 16e, such as bill credits without requiring a trade-in, which could drive higher sales volumes. Apple’s announcement of $500 billion in investments over the next four years, including new manufacturing facilities and expanded data centers, further underscores the company’s commitment to growth and innovation. These factors collectively support a positive outlook for Apple’s stock, justifying the Buy rating.
In another report released on February 21, Bank of America Securities also maintained a Buy rating on the stock with a $265.00 price target.