Citi analyst Atif Malik predicts that Apple stock will continue to perform strongly leading up to the release of the highly anticipated iPhone 15. Malik maintains a Buy rating on the stock and believes that shares could potentially climb another 36%. With a price target of $240, he remains optimistic about Apple's prospects.
Malik emphasizes the positive outlook for the iPhone 15, citing recent discussions within the U.S. supply chain that indicate a strong potential for a replacement cycle in the existing iPhone 12 user base. Additionally, there is excitement surrounding the new USB-C port, which offers 30% faster charging.
Recognizing Apple's historical stock performance trends, Citi opened a 90-day positive catalyst watch earlier this month, in anticipation of the release of the iPhone 15 series in September. Malik highlights that Apple stock has consistently outperformed the S&P 500 during the period between the June quarter earnings and the September iPhone announcement since 2016, with an average 8% increase over that period.
Notably, Malik stands out as one of the most bullish analysts covering Apple stock. According to FactSet data, the average price target for Apple shares is $201.78, suggesting a potential upside of 14.3%. Additionally, 64% of analysts rate the stock as a Buy.
Overall, Apple stock is positioned for growth as excitement builds around the impending launch of the iPhone 15. Investors can expect continued positive performance in the coming months.
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