Apple’s ‘Glowtime’ event likely to be ‘immaterial’ to stock price: Goldman Sachs
by
Contributor since / Followers
Contributor since / Followers
2 weeks ago
Apisorn
- Apple (NASDAQ:AAPL) is slated to host its annual fall product event next week, where the expectation is that it will unveil new iPhones, AirPods, Apple Watches and perhaps more. And while some expect Apple’s artificial intelligence push to get a focus at the event, Goldman Sachs isn’t expecting much from the stock price.
- “In the past 5 years, AAPL stock underperformed the S&P 500 by an average of 70 bps on the day of the iPhone announcement, and we expect this year’s event to be similarly immaterial to the stock price,” analyst Michael Ng wrote in an investor note. Ng reiterated his Buy rating and $276 price target on the stock.
- However, Ng acknowledged that there could be some surprises that move the share price higher, including a price increase for the iPhones; earlier-than-expected AI features and apps; new iPads; and “better-than-expected carrier promotions.”
- Apple’s event, which has a “It’s Glowtime” tag (in reference to the ring around Siri), is set to kick off on Monday at 1 p.m. EST.