Citi Closes 90-Day Upside Catalyst Watch on Apple (AAPL)
Citi analyst Atif Malik reiterated a Buy rating and $240.00 price target on Apple (NASDAQ: AAPL).
The analyst comments "While we remain positive into iPhone 15 launch event on Sep 12th ($100-$200 price increases for Pro models + strong replacement cycle in iPhone 12 installed base) and do not see the recent China Government/State agencies iPhone ban as a material impact to iPhone units, we view the recent news flow around China and Huawei Mate 60 launch as a headline risk for the stock. We believe Mate 60 technology is still 2-3 years behind iPhone with limited production capacity. China is ~20% of total iPhones, however, India with 1.5B population and ~5% middle class is the bigger incremental opportunity for Apple, in our view. No change in our investment thesis that Apple is more focused on maximizing gross profit per unit of iPhone from migration to premium phones and related services than volume. Maintain buy."
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Shares of Apple closed at $177.56 yesterday.