Citi maintains $255 target on Apple post iOS 18.2 release By Investing.com

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Citi maintains $255 target on Apple post iOS 18.2 release

Published Dec 11, 2024 22:48

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Citi maintains $255 target on Apple post iOS 18.2 release

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On Wednesday, Citi reiterated its Buy rating on Apple Inc (NASDAQ:AAPL) with a steadfast price target of $255.00. The endorsement follows Apple's release of iOS 18.2, which introduced several enhancements to Apple Intelligence. The update includes ChatGPT integration into Siri and Writing Tools, Image Playground, Visual Intelligence, Genmoji, Image Wand, and expanded localized English support in six additional countries.

The analyst from Citi highlighted that the updates align with expectations, particularly noting the integration of ChatGPT into Siri for performing simple tasks. While the full capabilities of Apple Intelligence, including Siri's personal context, are anticipated to launch in the spring, the current update represents a significant step in Apple's strategy.

The release of Apple Intelligence features is expected to be staggered, marking a departure from previous update cycles. The analyst pointed out that Apple Intelligence will not be available in the European Union until April next year, and the availability in China remains uncertain as Apple navigates regulatory requirements.

Looking ahead, Apple is poised to unveil a more advanced, conversationally capable Siri in 2025, with the launch slated for 2026 alongside iOS 19. This development is seen as a key component of the iPhone 17 refresh cycle.

Citi remains optimistic about Apple's prospects, maintaining its forecast for iPhone unit sales at 227 million, 246 million, and 253 million for calendar years 2024, 2025, and 2026 respectively. This translates to year-over-year changes of -2%, +8%, and +3%, including approximately 24 million units of the iPhone SE 4 in 2025. The firm's position remains unchanged, with a sustained recommendation to Buy.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

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