Citi says Apple shares are up 50% year-to-date and investors are asking if the stock could outperform again next year. In 2024, Citi models double-digit earnings growth of 14% and free cash flow growth of 11% on continued gross margin expansion. Bears on the stock are missing the structural gross margin expansion story driven by iPhone premiumization, acceleration in services sales, and the silicon insourcing benefit that drove multiple expansion this year, the analyst tells investors in a research note. Citi expects these trends to continue next year, and views artificial intelligence phones and Vision Pro adoption as potential upside catalysts.
Elevate Your Investing Strategy:
- Take advantage of TipRanks Premium at 55% off! Unlock powerful investing tools, advanced data, and expert analyst insights to help you invest with confidence.
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
See today’s best-performing stocks on TipRanks >>
Read More on AAPL:
- Apple (NASDAQ:AAPL) Supplier Foxconn Adds $1B in India Plant
- Up 149% YTD, How High Can Roku (NASDAQ:ROKU) Stock Go in 2024?
- Can Apple Stock Reach $4 Trillion Market Cap? Daniel Ives Weighs In
- Apple announces security changes to protect user accounts from theft, WSJ says
- Apple’s (NASDAQ:AAPL) Tap-and-Go Tech Opens Up to Competitors