.September 16, 2024 at 2:52 PM

BofA Securities analysts reiterated a Neutral rating on Apple (NASDAQ:AAPL) with a $256 price target. Shipping times for the iPhone 16 series are shorter on average compared to last year’s pre-order cycle. Lead times for the iPhone 16 Pro and Pro Max models are 14 and 19 days, an improvement from last year’s 24 and 32 days. iPhone 16 and iPhone 16 Plus models have shipping times of 10 and 11 days, slightly lower than last year. Analysts are optimistic about Apple’s long-term prospects, citing a multi-year iPhone upgrade cycle, gross margin improvements, and strong cash flow.