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Wall Street Weighs in on Apple After Surprise and Shine
Here’s an early look at what Wall Street firms are saying after having some time to digest Apple’s ($AAPL) Surprise and Shine event, which, in our view, largely delivered on what was speculated.
Citi keeps a Buy rating on Apple with a $365 price target after the company launched a new foldable iPhone. The Duo is Apple’s biggest new hardware category since the watch and Airpods, the analyst tells investors in a research note. Citi adds that Apple repriced the iPhone 16 and 17 by at least $100 to offset higher memory component prices. It views the iPhone 18 specifics and foldable phone selling price as in-line with expectations.
BofA analyst Wamsi Mohan lowered the firm’s price target on Apple to $370 from $380 and keeps a Buy rating on the shares, stating that the first major product launch under new CEO John Ternus helped “showcase his focus on Apple’s core values and continuing to create products that delight customers.” Pricing on the new iPhones came in lower than the firm had expected, which can drive higher units but put some pressure on gross margins given higher memory and component costs, adds the analyst, who adjusted estimates accordingly.
Rosenblatt keeps a Neutral rating on Apple with a $303 price target following the company’s product launch event. Apple’s “light touch” on pricing could weigh on its gross margins due to rising memory costs., the analyst tells investors in a research note. The firm says Apple revealed the foldable Duo, new iPhone Pro and Pro Maxes with better battery life and improved cameras, and new entries in Apple Watches, AirPods, and Siri AI.
JPMorgan says Apple’s fall product launch was largely inline with expectations. Apple’s pricing is inline with JPMorgan’s base case of a $100 like-for-like increase, taking the iPhone 18 Pro and 18 Pro Max to $1,199 and $1,299, the analyst tells investors in a research note. However, the numbers are below the larger increases some investors had anticipated on account of memory cost inflation, contends JPMorgan. The firm believes Apple “walks the fine balance” of absorbing memory costs while keeping the opportunity for a positive volume cycle. It keeps an Overweight rating on the shares.
Position: TheStreet Pro Portfolio is long AAPL shares.