Citi maintains Buy rating on Apple amid iPhone 18 delivery data

A Citi analyst has reiterated a Buy rating and $365.00 price target on Apple (NASDAQ: AAPL), citing delivery time tracking data across four markets.

Analyst Asiya Merchant, collaborating with Citi's Innovation Lab, tracked iPhone 18 Pro and Pro Max delivery times in the U.S., China, India, and the U.K. through Week 3 of the product's availability.

U.S. delivery times remain modestly above last year's levels. In China, iPhone 18 Pro Max delivery times trail last year by roughly one week. In India and the U.K., iPhone 18 Pro delivery times are several days below last year, while Pro Max times are in line with the prior year. Delivery times are broadly consistent across color and storage configurations within each region.

Merchant noted that, based on input from Counterpoint Research expert Gerrit Schneemann, the shorter delivery times "may point to a less pronounced upgrade cycle versus last year while some near-term demand could also be deferred as consumers wait for the iPhone Duo, whose potentially longer lead times may ultimately redirect demand back to the iPhone 18 Pro/PM after launch."

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