Citi analyst Atif Malik has maintained their bullish stance on AAPL stock, giving a Buy rating today.
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Atif Malik’s rating is based on Apple’s strategic release of the iPhone 16e, which marks a significant enhancement in its budget iPhone lineup. The introduction of an in-house modem and the incorporation of Apple Intelligence powered by the A18 chip are noteworthy advancements. These technological improvements, coupled with a better battery life and a larger OLED display, make the iPhone 16e an attractive option for consumers.
Despite the higher starting price of $599, Malik believes this is justified by the advanced hardware and the potential for subsidies in China, which may bolster sales. Malik’s projections estimate a 5% year-over-year growth in iPhone unit sales for the coming years, with the iPhone 16e expected to contribute significantly to this increase. Consequently, these factors underpin Malik’s Buy rating for Apple’s stock.
In another report released today, TD Cowen also maintained a Buy rating on the stock with a $290.00 price target.
AAPL’s price has also changed slightly for the past six months – from $225.890 to $244.870, which is a 8.40% increase.