Citi Reiterates Buy on Apple, $365 Price Target
- Rating
- Buy
- Price target
- $365
- Implied upside
- +8%
- vs $336.67 prior close
Citi analyst Asiya Merchant reiterated a Buy rating and a $365 price target on Apple (NASDAQ: AAPL), ahead of the company’s fiscal fourth-quarter results scheduled for release on Nov.
2.
Merchant said investor focus this quarter is expected to center on Services growth momentum, App Store revenue trends, gross margin pressures from higher memory costs, and iPhone sales seasonality following the absence of a base model in this fall’s launch.
The analyst noted that an iPhone 18 Pro/Pro Max delivery tracker suggests a slightly less pronounced upgrade cycle, with some demand potentially deferred ahead of a future iPhone Duo launch.
Citi kept its calendar year 2026 and 2027 iPhone unit growth estimates largely unchanged at 1.4% and 6.7%, respectively, representing 247 million and 263 million units.
Merchant said September quarter revenue and earnings per share are modeled largely in line with consensus, while December quarter revenue and earnings per share are projected below consensus, reflecting a different product launch cadence this year.
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Tracking this call
This callScored on Apr 9, 2027, six months after the note: did AAPL reach $365?
Firm track recordCiti reached 72% of its 29 scored targets within six months (#13 of 31 firms). Accuracy ranking →
