Apple: Resilient Fundamentals, AI Partnership, and Upcoming Product Cycles Support Buy Rating and $315 Target

In a report released today, Atif Malik from Citi maintained a Buy rating on Apple, with a price target of $315.00.

Atif Malik has given his Buy rating due to a combination of factors that highlight Apple’s resilient fundamentals and attractive product pipeline. He notes that Apple delivered better-than-expected December-quarter results and implied March-quarter revenue and EPS guidance that surpass market expectations, while also guiding to gross margins at the high end of the range despite rising memory costs. Although higher memory prices are expected to pressure margins by close to one percentage point over the full year, Malik views this as manageable in the context of Apple’s broader profitability profile and largely unchanged iPhone unit outlook through 2026–2027.

At the same time, Malik underscores Apple’s solid momentum in China, where the iPhone 17 appears to be resonating strongly with consumers and contributing to share gains in a competitive market. He also highlights the strategic importance of Apple’s long-term Gemini partnership, which supports the new Apple Intelligence platform and an enhanced, more personalized Siri, bolstering the company’s services ecosystem. Finally, he maintains his $315 target price based on a consistent valuation multiple applied to revised 2027 EPS and points to the upcoming advanced Siri and iPhone 18 foldable product cycles in 2026 as key catalysts that can support further upside in the stock.

In another report released today, Goldman Sachs also maintained a Buy rating on the stock with a $330.00 price target.