Citi analyst Atif Malik lowered the firm’s price target on Apple to $210 from $220 and keeps a Buy rating on the shares. The analyst expects Apple’s March quarters sales and earnings to come in below Street estimates and remains conservative on iPhone demand in 2024, especially in China, before the company could demonstrate generative artificial intelligence features to boost unit demand in 2025. However, Citi believes first half of 2024 “bad news” is largely priced into the shares. Investors are looking through the upcoming earnings to WWDC24 event in June for AI updates, it adds.
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