Citi analyst Asiya Merchant reiterated a Buy rating and a $365.00 price target on Apple (NASDAQ: AAPL), ahead of the company's fiscal fourth-quarter results scheduled for release on Nov. 2.

Merchant said investor focus this quarter is expected to center on Services growth momentum, App Store revenue trends, gross margin pressures from higher memory costs, and iPhone sales seasonality following the absence of a base model in this fall's launch.

The analyst noted that an iPhone 18 Pro/Pro Max delivery tracker suggests a slightly less pronounced upgrade cycle, with some demand potentially deferred ahead of a future iPhone Duo launch. Citi kept its calendar year 2026 and 2027 iPhone unit growth estimates largely unchanged at 1.4% and 6.7%, respectively, representing 247 million and 263 million units.

Merchant said September quarter revenue and earnings per share are modeled largely in line with consensus, while December quarter revenue and earnings per share are projected below consensus, reflecting a different product launch cadence this year.