Citi believes a prolonged Apple (AAPL) Intelligence software release likely impacts typical iPhone sales seasonality this year. The firm models September and December quarter iPhone sales 2% and 3% below the Street, respectively, on delay of Apple Intelligence software features to spring of next year. That said, Citi still believes in a “strong” 9% year-over-year iPhone 17 unit driven upgrade cycle next year once Apple Intelligence software is fully released. It maintains a Buy rating on the shares with a $255 price target
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