Apple gets price target lift from UBS ahead of iPhone 16 event

Apple (AAPL) has received a significant price target boost from UBS analysts. The firm raised its price target to $236, up from $190, citing near-term revenue growth driven by the company's App Store. This comes ahead of the Apple Event scheduled for next Monday, September 9, where the tech giant is expected to reveal it's iPhone 16 product line-up.

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This post was written by Angel Smith

Video Transcript

U BS boosting its price target on Apple to $236 from $190.

Here there, you're taking a look at the shares.

Uh, despite this, it's still down by about 8/10 of a percent.

Uh, they did keep a neutral rating on this.

So not an all out raise.

Uh, but, uh good.

Good note, at least in their target price upgrade.

Uh, they're looking specifically and it seems, in the August revenue in the apple app store that grew about 12% year over year.

So uptick there from what they had seen in July, About 11% there.

Um, so that is one of the areas.

However, this is the same kind of firm U BS that had come out and issued a note on Apple talking about this super cycle and casting a little cold water on that super cycle.

In their previous note, I believe that was back in July that they published that one.

And that's really interesting for each individual name in the mag seven.

We are starting to see kind of a bifurcation in performance.

We know that Apple started off the year really rough right, a slew of analysts critiques of the firm.

But now, over the past six months, they've been able to recover up about 27% obviously, under pressure over the last few days amid the broader tech sell off that we are seeing.

All of this comes ahead of that September 9th, I believe event for Apple coming up here.

The iPhone event, as a reminder to that, typically, is a sell the news event for Apple and 12 of the last 17 iPhone release dates.

They have seen a sell off.

So then perhaps the next big catalyst is going to be their next earnings print, which will come out here in October.

Our Tech editor, Dan Halley, makes fun of me all the time, he says.

I need to upgrade my iPhone.

I didn't I didn't know that I was in that dire of straits and needing to upgrade from my 12 pro Max I. I see that the new cameras are great, like we're too.

We're here all.

I was gonna do it in September, but they told me not to.

They said the the I OS with the generative A. I features that are gonna allow me to do all these fancy new things.

Uh, might come out later in the year, so we have to wait.

We're waiting it out.