For a tech stock like Apple (NASDAQ:AAPL), maintaining your position as a leading innovator is often key to drawing interest in the product line. For years, Apple’s customers increasingly wonder why they should buy the new iPhone when it bears so little difference from the last iPhone. Now, Apple has a solution: a new color. The market, so far, isn’t particularly happy with this move, as Apple is down slightly in Tuesday afternoon trading.
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Apple launched a new iPhone 14 and iPhone 14 Plus, which is pretty much indistinguishable from the other iPhone 14 releases except for its color. Now, the iPhone 14 and iPhone 14 Plus come available in a canary yellow that’s said to be part of the standard spring color refresh. Of course, it’s not just the phones that have new colors, but also Apple’s line of cases and watch bands.
Interestingly, the phone itself is otherwise unchanged. Thus, Apple is looking for customers to step in and buy a completely new phone because there’s a new color. For some countries, however, Apple will make a new feature available to its users. That feature is known as Emergency SOS, which allows quick contact with emergency services regardless of country.
Overall, analyst consensus still calls Apple a Strong Buy, with nearly five times the Buy ratings as it has Holds, and no one suggesting a Sell. Further, Apple stock also offers 12.51% upside potential thanks to its average price target of $171.53.
