Apple Stock Poised for Growth Ahead of iPhone 15 Release
In anticipation of the highly-anticipated iPhone 15 launch, Apple stock is predicted to continue its impressive performance, according to a research note by Citi analyst Atif Malik. Malik, a fervent supporter of the tech giant, has maintained his Buy rating on the stock and believes that it could potentially increase by another 36%. His price target for the stock stands at $240.
Malik's optimism stems from recent discussions within the U.S. supply chain, which suggest a strong replacement cycle potential for the iPhone 12 installed base. Additionally, there is excitement surrounding the 30% faster charging feature enabled by the new USB-C port. This positive outlook prompted Citi to initiate a 90-day positive catalyst watch on the stock ahead of the iPhone 15 series launch in September.
Historically, Apple stock has consistently outperformed the S&P 500 between the June quarter earnings and the September iPhone announcement each year since 2016. On average, it has experienced an 8% climb during this period.
Atif Malik stands as one of the most bullish analysts covering Apple stock. With an average price target of $201.78, according to FactSet data, a 14.3% upside is implied. Furthermore, 64% of analysts rate the stock as a Buy.
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