Apple’s iPhone 16e announcement a ‘positive development’, says Goldman Sachs

Goldman Sachs keeps a Buy rating and $294 price target on Apple (AAPL). The company’s iPhone 16e announcement was largely in-line with press reports going into the event and as a result, largely in-line with expectations, though the entry average selling price of $599 was higher than expected relative to press reports for an entry price under $500, the analyst tells investors in a research note. The firm adds however that the iPhone 16e is a positive development that should support iPhone upgrade demand and continued growth within the Apple installed base, particularly in more price sensitive markets.