Argus hikes Apple target price to $280 on ‘positive signs for iPhone sales’

Argus analyst Jim Kelleher on Monday raised his Apple price target from $250 to $280, citing increased fiscal 2025 earnings estimates. He also noted that Apple’s Asian suppliers report iPhone 16 sales are meeting expectations, with no production cuts announced by either Apple or its suppliers.

Chris Ciaccia for Seeking Alpha:
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“Early signs are that iPhone 16 is seeing a solid reception, with some sources suggesting that iPhone 16 Pro demand may be lagging,” analyst Jim Kelleher wrote in a note to clients. “While iPhone sales continue to struggle in China, we believe the iPhone continues to expand its global footprint.”

In addition, Kelleher is positive on the rollout of Apple Intelligence, noting it has not yet come to “multiple” markets, including China.

“We expect Apple Intelligence to roll out gradually on an international basis, with some countries waiting until spring 2025 or later for this software upgrade,” Kelleher added.

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MacDailyNews Take: From Jim’s keyboard to Mr. Market’s ticker!

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