Apple’s (NASDAQ:AAPL) iPhone 14 was the champion of the smartphone world in the first half of this year, with the Pro Max model shipping 26.5 million units, as per Omdia’s recent report. This reveals a shift among consumers favoring premium devices over the typical mid-range phones. Interestingly, while last year’s star was the iPhone 13, this year’s favorite, the iPhone 14 Pro Max, is Apple’s priciest offer, highlighting a trend where consumers are willing to pay top dollar for superior features.
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Meanwhile, on the iPad front, Apple has some updates in store for 2024. According to Bloomberg, a significant overhaul of the iPad Pro is on the horizon – the first major shake-up since 2018. Among the anticipated changes are a new Magic Keyboard, a transition to the M3 chip, and an OLED display, bringing its screen technology in line with the iPhone range. While iPad sales have recently been sluggish, these updates could spur renewed interest. Though it won’t make an appearance at Apple’s September event, the revamped iPad Pro is expected to drop in the spring or summer of 2024.
Is Apple Stock a Buy, Hold, or Sell?
Turning to Wall Street, analysts have a Moderate Buy consensus rating on AAPL stock based on 22 Buys, eight Holds, and zero Sells assigned in the past three months, as indicated by the graphic above. Nevertheless, the average price target of $208.13 per share implies 16.1% upside potential.
