Citi raises AAPL price target to $365, citing 25% smartphone market share and resilient pricing power amid industry decline.
Citi analyst Asiya Merchant increased Apple’s price target to $365 from $315, maintaining a buy rating and projecting 16% upside. The revision follows Apple’s recent stock recovery after a post-price-hike dip in late June.
Apple’s smartphone market share is expected to reach 25% this year, up two percentage points, despite a mid- to high-teens percent decline in the broader market. The company’s pricing power remains intact, with gross margins guided between 47.5% and 48.5% for the June quarter.
Merchant’s thesis highlights Apple’s design-driven demand, mid-range promotions, and ecosystem lock-in as key growth drivers. The stock hit all-time highs three weeks after its initial sell-off.