September 9, 2024, “It’s Glowtime” special event hosted by Apple had new models announced for quite a few products including the latest iPhone and iPad.
Ahead of the key event, Goldman Sachs noted the tech giant was unable to keep pace with other securities in the past several years on the day of the iPhone announcement. Even though Apple Inc. (AAPL) is predicted to underperform the S&P 500 by a similar average of 70 bps this year, the Wall Street investment bank expects no significant impact on the stock price. Consumers should find the price increase on the phone and pad foreseeable as they now come packed with new AI features and apps.
Goldman Sachs forecasts a -1% year-over-year in iPhone revenue in F2024E but anticipates a growth to 9% in F2025 and F2026, driven by the new artificial intelligence and hardware, as well restates the Buy rating on AAPL as the installed base is reckoned to grow due to product innovation.
The share price of Apple rose slightly by 0.44% to $221.79 per share in the pre-market session ahead of the event.
