Apple (AAPL) PT Raised to $255 at Citi

Citi analyst Atif Malik raised the price target on Apple (NASDAQ: AAPL) to $255.00 (from $210.00) while maintaining a Buy rating.

The analyst comments: "AAPL posted "beat and raise" results w/implied Sep-Q sales/EPS of $94B/$1.59 and iPhone sales +2.5%Y/Y vs Street +1% Y/Y. We are encouraged by early developer feedback on beta iOS18 Apple Intelligence features launched this week and management's confidence in AI to drive a compelling iPhone upgrade cycle. That said, we expect a modest lift to IP16 units or ~85M (CY24 228M -1% Y/Y) with the major refresh on iPhone 17 next year ~92M units (CY25 241M +6% Y/Y) as it will take time for consumers to see the value of an AI smartphone as well as for developers to develop apps. We increase our FY24/25/26 EPS 3%/4%/3%, respectively, on higher IP units and lift TP to $255 on consistent 30x P/E on FY26 EPS."

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