Apple, Inc. (AAPL.O): Preview – Investor Focus on Impact From Recent Price Increases, Apple Intelligence Roll Out and Upcoming iPhone Launch

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Apple, Inc. (AAPL.O): Preview – Investor Focus on Impact From Recent Price Increases, Apple Intelligence Roll Out and Upcoming iPhone Launch

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12 Jul 2026 21:30:07 ET │ 21 pages

Apple, Inc. (AAPL.O)

Preview – Investor Focus on Impact From Recent Price Increases, Apple

Intelligence Roll Out and Upcoming iPhone Launch

CITI'S TAKE

We remain constructive on Apple shares and expect the company to Buy

continue gaining market share despite a slowing devices end market. We

believe Apple’s ability to implement selective price increases will help offset Price (10 Jul 26 16:00) US$315.32

margin pressures, while its premium brand and loyal customer base should Target price US$365.00↑

limit demand weakness. Although Apple Intelligence is unlikely to drive a

from US$315.00significant upgrade cycle in the near term, enhanced Siri AI capabilities

should increase user engagement and support long-term growth in high- Expected share price 15.8%margin services revenue. Looking ahead, the September iPhone launch return

represents an important catalyst that could further strengthen investor Expected dividend yield 0.3%sentiment. Reflecting our improved outlook, we are raising our price target

to $365 as we incorporate stronger margin expectations and roll our Expected total return 16.1%

financial estimates forward. Maintain Buy Market Cap US$4,631,217M

Share Gainer In a Challenging Market — Smartphone and PC market are likely to

decline mid to high teens. Apple continues to outperform the broader smartphone

market through share gains, design-driven demand, and strong positioning in the Price Performance

mid-range price segment via promotions and subsidies (RIC: AAPL.O, BB: AAPL US)

Recent Price Increases To Dampen Margin Impacts — Apple raised prices on several