Citi analyst Atif Malik cut the firm’s iPhone unit forecasts in the September and December quarters by 2M each and now expects iPhone 16 units to be 83M this year. It also increased its March and June 2025 quarter iPhone unit estimates up by 4M and 7M, respectively. Citi now expects 2024 and 2025 iPhone units to be 224M and 246M, respectively, or down 3% and 9% on a year-over-year basis. With Apple Intelligence to be released in the U.S. later in October and a major Siri update likely next year, the iPhone refresh will happen in 2025 with the iPhone 17 launch, the analyst tells investors in a research note. It believes the overall shorter lead times for iPhone 16 series is a combination of better supply. More importantly, consumers are likely waiting to see how Apple Intelligence will impact their daily interaction with their phones before upgrading, the firm contends. It keeps a Buy rating on Apple with a $255 price target
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