Citi gives five reasons to buy Apple stock

“Despite macro woes, we continue to see several positive drivers for Apple’s products/services,” Citi analyst Jim Suva writes in a research note to clients this week.

Sabrina Escobar for Barron’s:

Suva outlined five reasons investors should look past the stock’s recent lagging performance.
For one, he believes an iPhone 14 model could still be on track for a September release, which could be a short-term catalyst for the stock. Other product launches, such as the long-awaited artificial reality headsets and the Apple Car, could energize investors. Those products could be ready for market as early as 2025, Suva added.
In the long run, Apple (ticker: AAPL) will benefit from a consumer shift away from lower-priced competitors toward mid-end and premium products, such as the ones Apple offers, Suva wrote. The company also could capitalize on expanding its services segment, which has the potential for stickier, more regular revenue, he added.
Apple’s current share repurchase program — which totals $90 billion, or about 4% of the company’s market capitalization — will continue lending support to the stock’s value, he added.

MacDailyNews Note: Suva adjusted his Apple price target to $175 from $200 while maintaining a “Buy” rating. 74% of analysts rate AAPL a “Buy” and 23% rating them a “Hold,” according to FactSet. Escobar notes that only one analyst, or 2.3%, rate AAPL as “Underweight.”
Please help support MacDailyNews. Click or tap here to support our independent tech blog. Thank you!
Shop The Apple Store at Amazon.

The post Citi gives five reasons to buy Apple stock appeared first on MacDailyNews.