Apple is preparing to launch iPhone 16 with AI features in September, hoping to boost sales

From Nasdaq: 2024-08-27 19:20:01

Apple Inc. typically unveils new iPhones every September, but the iPhone 15 launch in 2023 has seen lower sales share, dropping to 67% from 79% compared to the previous model. Apple is banking on AI features to boost sales, with the iPhone 16 expected to debut with AI capabilities on Sept. 9 in an event called “It’s Glowtime.” Investors are looking for opportunities with AAPL stock. Despite challenges in China and competition, Apple remains a leader in tech innovation with a market cap of $3.5 trillion. Shares are up 18% YTD and 27.2% over the past year, matching the S&P 500. Apple has a dividend increase streak and executed a record $110 billion share buyback. In Q3, Apple reported a 5% YoY revenue increase to $85.8 billion, beating estimates with EPS at $1.40, driven by strong iPad and services sales. Analysts are optimistic about Apple’s potential with the upcoming AI-powered iPhone 16 launch, expecting significant growth for the company in the coming year. Eventual transition in CFOs and AI capabilities set to drive a major growth phase for Apple, with a price target of $285, reflecting a 25% upside potential for AAPL stock. The consensus rating for AAPL stock is a “Moderate Buy,” with a mean price target of $241.68 and a street-high target of $300.



Read more at Nasdaq: Is Apple Stock a Must-Buy Before September?