Piper Sandler analyst Matt Farrell reiterated a Neutral rating and $225.00 price target on Apple (NASDAQ: AAPL).

The analyst commented, "Last week, the major U.S. carriers reported earnings and provided subdued commentary about the ongoing upgrade cycle, using phrases like "upgrade rates were low," "down slightly over last year," and "not seeing a big upgrade cycle." In addition, each noted that consumers were opting to hold onto their phones longer. In order to better understand the “upgraders,” we are revisiting our teen survey from a few weeks back, cutting the data a different way to show what is driving upgrades. Based on the responses, planned “upgraders” had iPhones that were ~3.3 generations behind the iPhone 16. With the average iPhone in circulation being ~3 generations behind, we believe it shows that the primary reason for upgrading this year is iPhone age. As we’ve stated previously, we aren’t expecting a super cycle in the second half of calendar 2024 and continue to view the stock appropriately valued at current levels."

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Shares of Apple closed at $233.14 yesterday.