Citi removes ‘positive catalyst watch’ on Apple shares

Citi analyst Atif Malik removed the firm’s “90-day positive catalyst watch” on Apple (AAPL) shares while keeping a Buy rating on the name with a $275 price target The firm cites a delay in the “much-anticipated” Siri upgrade as part of the iOS 18.4 update in April for the removal. Apple shares are up 1% versus the S&P 500 down 4% since late January, the analyst tells investors in a research note. Citi lowered its 2025 and 2026 iPhone units estimate to 232M and 244M, respectively, to reflect a delay in the Siri upgrade. While Apple Intelligence utility is different for different people, an upgraded Siri would have driven a higher iPhone refresh this year, the firm contends. However, the firm still thinks Apple is making progress in rolling out Apple Intelligence in China.