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The new iPhone 15 series is expected to launch in September.
AFP via Getty Images
Apple
stock typically performs well ahead of a new iPhone release and this year will be no different, according to one of its bulls.
Citi analyst Atif Malik maintained his Buy rating on the stock in a research note, and said the shares could climb another 36%. Malik, who initiated coverage with a Buy rating around the time
Apple
(ticker: AAPL) hit a new all-time high at the end of June, has a $240 price target on the stock.
The analysts said he continues to recommend the shares heading into the hotly anticipated iPhone 15 launch.
“Recent U.S. supply chain discussions point to strong replacement cycle potential in [the] iPhone 12 installed base,” he said, adding that there also was excitement over the 30% faster charging with the new USB-C port.
Citi opened a 90-day positive catalyst watch on the stock earlier this month ahead of the expected release of the iPhone 15 series in September. Malik noted that Apple stock has outperformed the
S&P 500
during the period between June quarter earnings and the September iPhone announcement every year since 2016. It has climbed 8% on average over that period.
He is the one of the most bullish analysts covering Apple stock. The shares have an average price target of $201.78, according to FactSet data, implying a 14.3% upside, with 64% of analysts rating the stock a Buy.
Write to Callum Keown at [email protected]
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