Goldman Sachs analyst Mike Ng maintained a Buy rating on Apple on September 9 and set a price target of $266.00.
Elevate Your Investing Strategy:
- Take advantage of TipRanks Premium at 50% off! Unlock powerful investing tools, advanced data, and expert analyst insights to help you invest with confidence.
Mike Ng has given his Buy rating due to a combination of factors surrounding Apple’s recent product announcements and strategic pricing decisions. The unveiling of the new iPhone lineup, including the iPhone 17, 17 Pro, 17 Pro Max, and the Air model, along with updated Apple Watches and AirPods Pro 3, is expected to sustain strong demand for Apple’s devices. The introduction of features such as the thinner iPhone Air model, larger display for the base model, and new A19-series chips are anticipated to enhance the appeal of Apple’s products.
Furthermore, Apple’s decision to eliminate the 128 GB storage option and introduce a premium 2 TB storage for the iPhone 17 Pro Max is likely to drive average selling price (ASP) growth. Despite some initial market underperformance, maintaining a lower entry price point for the base iPhone 17 model is seen as a strategy to support the expansion of Apple’s installed base. These factors collectively contribute to the positive outlook on Apple’s stock, justifying the Buy rating.
Ng covers the Technology sector, focusing on stocks such as Apple, Arista Networks, and Hewlett Packard Enterprise. According to TipRanks, Ng has an average return of 11.4% and a 58.33% success rate on recommended stocks.
In another report released yesterday, Bank of America Securities also reiterated a Buy rating on the stock with a $270.00 price target.