Citi analyst Atif Malik reiterated a Buy rating and $240.00 price target on Apple (NASDAQ: AAPL).

"We continue to recommend our positive AAPL vs negative SWKS catalyst watch events going into iPhone 15 launch. AAPL stock has outperformed SWKS ~500bps relatively since early August. We preview key hardware features anticipated in IP15 series. Recent US supply chain discussions point to strong replacement cycle potential in IP12 installed base and excitement around ~30% faster charging on upgraded USB-C vs Lightning port. US supply chain IP15 unit expectations remain ~85M (Citi 81M), however, the launch timing could move around depending on potential component manufacturing supply constraints. Maintain Buy on AAPL."

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Shares of Apple closed at $176.57 yesterday.