Tech titan Apple (AAPL) just announced a big event on September 9 at 1 p.m. EST to reveal the iPhone 16 and a bunch of other new products. The event will be called “It’s Glowtime” and will be live-streamed on Apple’s website, Apple TV, and YouTube. Although it was originally planned for September 10, the date was moved to avoid clashing with the first U.S. presidential debate.
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There will undoubtedly be a lot of hype around the iPhone 16 series, especially since it is expected to come with major software upgrades like Apple Intelligence (Apple’s artificial intelligence features).
Apple’s CFO Is Stepping Down
In a separate major development for the company, Apple’s CFO, Luca Maestri, is stepping down from his role on January 1, 2025. Maestri has been with Apple since 2014 and has been a key player in more than doubling the company’s revenue. However, he is not leaving the company completely and will handle Corporate Services like IT and real estate while reporting directly to CEO Tim Cook.
The CFO role will be taken over by Kevan Parekh, who has been with Apple for 11 years. Tim Cook praised Parekh by saying his deep understanding of Apple and strong financial skills make him the perfect fit for the job.
Is Apple a Buy, Sell, or Hold?
Turning to Wall Street, analysts have a Moderate Buy consensus rating on AAPL stock based on 24 Buys, nine Holds, and one Sell assigned in the past three months, as indicated by the graphic below. After a 27% rally in its share price over the past year, the average AAPL price target of $247.43 per share implies 8.91% upside potential.
