Buy Apple Stock Ahead of iPhone 15 Launch in September - Citi

Investing.com2023-08-07

Citigroup analysts have opened a 90-day catalyst watch on Apple stock as the Cupertino-based giant prepares to unveil the new iPhone 15 series next month.

Analysts remind investors that Apple stock price on average outperformed Nasdaq 5 out of 7 times and S&P 500 all 7 times, or 8% on average since 2016, in the period of earnings release for the June quarter and the new iPhone announcement.

Apple shares fell nearly 2% after the company delivered a soft set of FQ3 results and offered an FQ4 guidance on the earnings call that trailed analyst estimates. Still, analysts saw enough positives in the earnings report to advise Citi’s clients to buy Apple stock.

“With both iPhone and services sales expected to accelerate Y/Y in the Sep-Q, we maintain our view that Apple is more focused on maximizing gross profit per unit of iPhone from migration to premium phones and related services than volume,” analysts said in a client note.

The analysts recently initiated research coverage on Apple stock with a Street-high price target of $240 per share.

Apple stock is closed at $181.99 apiece on Friday.

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