Apple ‘Glowtime’ may not be another ‘sell the news’ event, says BofA

BofA analyst Wamsi Mohan notes that Apple shares are up 15% year-to-date, but flat over the past 60 days, heading into the company’s event entitled “It’s Glowtime” scheduled for Monday, September 9. The firm, which expects the iPhone 16 line-up to include four models and expects the event to focus on AI integration and enhancements to Siri, notes that past product launch events have seen the stock pull back after the event, only to recover 30 to 60 days post event. However, if Apple surprises with a compelling demo of Apple Intelligence, third party integrations or with any price increases, the firm says it could see the stock fare better than post past events and this may not be another “sell the news” event. BofA, which sees this launch as the start of a multi-year software driven upgrade cycle and models 241M iPhones for FY25, or 8% annual growth, and 257M units for FY26, or 7% annual growth, maintains a Buy rating and $256 price target on Apple shares.