Citi analyst Atif Malik maintained a Buy rating on Apple yesterday and set a price target of $240.00.
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Atif Malik has given his Buy rating due to a combination of factors influencing Apple’s market position and future prospects. One of the key reasons is the stabilization of iPhone sales in China, driven by early and aggressive promotions, which have helped Apple maintain a strong presence in the competitive Chinese market. Despite some uncertainties in the second half of the year, the demand pull-in from the June quarter has provided a positive outlook.
Furthermore, Apple’s App Store continues to show robust growth, with a 12% increase in revenue during the June quarter, indicating strong momentum in its Services segment. Additionally, there are potential opportunities for Apple in the AI space, as the company explores partnerships with external large language model providers for Siri and Safari AI search. While regulatory risks, such as Google’s TAC payment, remain a concern, these factors collectively support Malik’s optimistic view and Buy rating for Apple’s stock.
In another report released on July 9, Bank of America Securities also maintained a Buy rating on the stock with a $235.00 price target.
Based on the recent corporate insider activity of 38 insiders, corporate insider sentiment is negative on the stock. This means that over the past quarter there has been an increase of insiders selling their shares of AAPL in relation to earlier this year.