Stocks usually do well before a new iPhone is released and this year will be no different, according to a bull.
Atif Malik, an analyst at Citi, maintained a Buy rating on the stock in a research note and said the shares could rise another 36%. Owner, who started coverage with a buy rating soon
(Stock ticker: AAPL) reached a new all-time high at the end of June, with a price target of $240 per share.
Analysts said it continues to recommend stocks head towards the highly anticipated iPhone 15 launch.
“Recent US supply chain discussions indicate strong replacement cycle potential in the installed iPhone 12 (base),” he said, adding that there was also excitement about 30% faster charging with the new USB-C port.
Citi opened a positive 90-day catalyst watch on stocks earlier this month ahead of the expected release of the iPhone 15 series in September. Malik noted that Apple stock has outperformed
Standard & Poor’s 500
During the period between the June quarter’s earnings and the September iPhone announcement every year since 2016. It’s up 8% on average over that period.
He is one of the most bullish analysts covering Apple stock. The average price target for shares is $201.78, according to FactSet data, indicating a gain of 14.3%, with 64% of analysts rating the stock as a Buy.
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