Citi opened a “90-day positive catalyst watch” on shares of Apple into the WWDC24 developer conference on June 10. Apple CEO Tim Cook sounded bullish on artificial intelligence on last night’s earnings call, the analyst tells investors in a research note. The firm expects Apple to unveil multiple AI developer tools to enhance interactivity and productivity across its devices and operating system with features like customized Siri find and search with context. Citi also views Apple’s fiscal Q2 report as ‘better than feared.” iPhone sales were “surprisingly resilient” with total sales down 10%year-over-year or flat adjusting for pent up demand impact from last year, contends the firm. It keeps a Buy rating on Apple with a $210 price target.
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