AAPL Stock Insights: Analyst Adjusts Price Target Following iPhone Sales Forecast Cuts
AAPL Stock Forecast Dilemma
As expectations wane for Apple (AAPL), analysts are reevaluating their predictions for the tech giant's stock amidst revisions in iPhone sales forecasts. Citi's Atif Malik recently reiterated a 'Buy' rating on AAPL stock with a $255 price target, despite slashing iPhone unit forecasts for the upcoming quarters.
Revised Sales Projections
- Malik maintains that weakened demand for iPhone 16 is pressing.
- Projected iPhone sales for fiscal 2024: 224 million units.
- Increased targets noted for 2025, projecting sales at 246 million units.
Market analysts indicate that consumer anticipation for the new Apple Intelligence platform could explain sluggish iPhone sales. Delayed upgrades are contributing to a lower forecast, pushing prices accordingly.
Market Response and Analyst Stance
- Barclays also expressed caution, issuing an 'Underweight' rating on AAPL.
- Despite dips in stock, metrics surrounding shipping times indicate slight improvement.
- Goldman Sachs remains optimistic, raising AAPL's price target to $276, citing AI and hardware investments.
With AAPL stock recently touted at $224, investors must keep an eye on market shifts influenced by upcoming flagship product releases.
This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.