Apple stock typically performs well ahead of a new iPhone release and this year will be no different, Citi analyst Atif Malik says.
As noted by Barron’s, he maintained his Buy rating on the stock in a research note, and said the shares could climb another 36%. Malik, who initiated coverage with a Buy rating around the time Apple hit a new all-time high at the end of June, has a $240 price target on the stock.
The analysts said he continues to recommend the shares heading into the iPhone 15 launch. Bloomberg’s Mark Gurman — who has an exceppelnt track record for predictions — Apple will unveil its iPhone 15 line-up on Tuesday, Sept. 12, via a pre-recorded event. Pre-orders will likely start on Friday, Sept. 15 with orders to begin shipping on Friday, Sept. 22.
“Recent U.S. supply chain discussions point to strong replacement cycle potential in [the] iPhone 12 installed base,” he said, adding that there also was excitement over the 30% faster charging with the new USB-C port.
