Apple, Inc. (AAPL.O): Supply Constraints Affecting Demand Momentum; Focus On Upcoming iPhone Launch and Siri AI

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Apple, Inc. (AAPL.O): Supply Constraints Affecting Demand Momentum; Focus On Upcoming iPhone Launch and Siri AI

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31 Jul 2026 00:11:22 ET │ 17 pages

Apple, Inc. (AAPL.O)

Supply Constraints Affecting Demand Momentum; Focus On

Upcoming iPhone Launch and Siri AI

CITI'S TAKE

AAPL reported slightly better than expected June-quarter revenues while Buy

EPS came in line excluding tariffs. September-quarter outlook came in

below Street expectations. Management attributed the growth Price (30 Jul 26 23:00) US$312.33

deceleration primarily to incremental fx headwinds and increasing supply Target price US$365.00

constraints at advanced semiconductor nodes, noting stronger than Expected share priceexpected demand. Services segment also faces meaningful FX pressure, 16.9%

returntougher comparisons, and softer mobile gaming trends. Despite the softer

near-term outlook, we remain constructive on Apple's long-term trajectory, Expected dividend yield 0.3%

supported by its ability to gain share. Looking ahead, the upcoming Expected total return 17.2%

September iPhone launch and rollout of enhanced Siri AI capabilities

represent important catalysts with potential for iCloud+ adoption to Market Cap US$4,587,302M

enhance Services segment growth. We adjust our estimates slightly, while

maintaining our $365 price target based on a 33x P/E multiple applied to

revised CY28 EPS. We view AAPL as a defensive stock on attractive ROIC &

P/FCF valuation vs Mag 7 peers. Maintain Buy. Price Performance

(RIC: AAPL.O, BB: AAPL US)

Supply Constraints — In Jun-Q, Apple faced supply constraints primarily on Mac,

with smaller impacts on iPhone and iPad, driven by unexpectedly strong demand

and limited availability of advanced-node capacity. For Sep-Q, management