Citi maintains Apple stock Buy rating with $275 target

On Monday, Citi analysts reaffirmed their Buy rating on Apple stock, maintaining a $275.00 price target. The endorsement follows the tech giant’s release of iOS 18.4, which introduced expanded language support for Apple Intelligence, including simplified Chinese, and availability in the European Union. Despite the positive development, the update did not encompass enhancements to Siri, consistent with Apple’s prior announcement of a delay. According to InvestingPro data, Apple’s stock currently trades at $222, with analyst targets ranging from $197 to $325, reflecting mixed sentiment about the company’s near-term prospects.

The delay in Siri’s update led to a reshuffling within Apple’s executive team. Mike Rockwell, who has been at the helm of the Vision Pro team since 2015 and boasts a strong technical background, has been appointed to oversee Siri. Rockwell will report directly to Craig Federighi, Apple’s software chief. This change comes as Apple aims to recalibrate expectations for Siri’s software, potentially addressing it in the upcoming earnings call scheduled for April 24th, before the Worldwide Developers Conference (WWDC) on June 9th. InvestingPro analysis shows Apple maintains a "GOOD" overall financial health score, suggesting strong operational stability despite these organizational changes.

Apple’s stock price has edged closer to Citi’s bear case scenario in the wake of the Siri delay and subsequent sell-off, with the stock down nearly 13% year-to-date. However, Citi analysts believe that the current risk-reward profile for Apple shares (NASDAQ:AAPL) is appealing, prompting them to maintain their Buy rating. This sentiment suggests confidence in Apple’s ability to navigate through the current challenges and deliver value to investors. The company’s robust financial position is evidenced by its $395.76 billion in revenue over the last twelve months, though InvestingPro analysis indicates the stock is trading above its Fair Value. For deeper insights into Apple’s valuation and growth prospects, investors can access the comprehensive Pro Research Report, available exclusively to InvestingPro subscribers.

In other recent news, Apple Inc. has been fined 150 million euros ($162.42 million) by French antitrust authorities for abusing its dominant position in mobile app advertising from 2021 to 2023. The fine is linked to Apple’s use of its App Tracking Transparency (ATT) tool, although the regulators did not mandate any changes to this feature. Meanwhile, Goldman Sachs has reiterated its Buy rating on Apple stock with a maintained price target of $294. The firm noted a 9% year-over-year increase in foreign-branded phone shipments in China for February 2025, marking a recovery from the previous month’s decline. However, Apple faced a loss in market share to Chinese brands, which saw a 44% year-over-year growth. Additionally, TF International Securities analyst Ming-Chi Kuo commented on a rumored $1 billion Nvidia (NASDAQ:NVDA) purchase by Apple, suggesting that the acquisition might not significantly advance Apple’s AI ambitions. Kuo highlighted that the scale of Apple’s order is small compared to other tech giants, and mass shipments of the GPUs are not expected until 2026. Raymond (NSE:RYMD) James reported a surge in Chinese smartphone sales in February 2025, driven by government subsidies, with Apple benefiting from improved sales despite a typical seasonal downturn.

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