Apple’s (NASDAQ:AAPL) much-anticipated iPhone and Apple Watch unveilings are right around the corner, and the buzz is not just about the products but also about the potential price points. Goldman Sachs’ analyst, Michael Ng, believes the tech giant’s consistent investments in enhancing its iPhone hardware and broadening the ecosystem make a case for a price bump, particularly for the high-end iPhones. In a recent note, Ng, who has a Buy rating and a $222 price target for Apple, suggests that the innovations poured into the iPhone over the years give Apple a strong footing to justify any price increment.
There’s chatter that the iPhone 15 Pro and Pro Max might come with a heavier price tag of at least $100, a significant leap considering their predecessors began at $999 and $1,099. Interestingly, these Pro models have maintained their price since their debut in 2019 with the iPhone 11 Pro. But Ng is optimistic, highlighting an array of captivating features lined up for these models—think swifter speeds, superior battery life, a fresh design, and some trendy new shades. And if rumors hold, even the entry-level iPhone Pro might boast 256GB storage, a tweak that Ng feels could soften the blow of the speculated price surge.
Is Apple Stock a Buy?
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 10.51% upside potential.
