Citi Reiterates Buy Rating on Apple (AAPL)
Citi analyst Atif Malik reiterated a Buy rating and $255.00 price target on Apple (NASDAQ: AAPL)
The analyst comments "We maintain Buy on AAPL and await the release of iPhone SE4 and next Apple Intelligence software update iOS 18.4 in spring, with the highly anticipated big Siri update. We keep our iPhone estimates in Dec-Q and adjust our iPhone units forecast in the Mar-Q slightly down by 2M to be in line with the past 3-year seasonality and align with supply chain commentary. We now model iPhone units to be 227M/238M/250M in CY24/25/26, or -2%/+5%/+5% Y/Y growth. TikTok Ban Impact — According to Sensor Tower, TikTok generated about $854M net revenue for App Store in 2024 in the US, which accounted for ~3% of total US app store revenue in 2024, or ~1% of global app store revenue. While it remains to be seen when the app will be cleared to fully come back to the App Store in the US, we view the impact on Apple as very limited, to less than 1% in app store revenue, or less than 0.3% in total service revenue."
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Shares of Apple closed at $222.78 yesterday.