Apple Target Price Raised to $295 by Tigress Financial on Anticipated iPhone 16 Upgrade Cycle

Tigress Financial Partners analysts boosted Apple’s (NASDAQ:AAPL) price target to $295 while maintaining a Strong Buy rating, citing the upcoming launch of the AI-powered iPhone 16 as a key driver for a major upgrade cycle.

The analysts highlighted Apple's expanding ecosystem, with new product launches like the anticipated AI-enhanced iPhone, AirPods, and Watch. The analysts also noted robust Q3 2024 results, with a 5% year-over-year revenue increase to $85.8 billion, driven by a 14% jump in Services revenue.

The analysts emphasized Apple's strong positioning in AI, which is expected to transform user interaction through features like advanced writing tools and an enhanced Siri. As Apple continues to invest in AI technology, the company is set to unlock significant growth potential.

Additionally, Apple's CFO Luca Maestri will retire at the end of 2024, with VP of Financial Planning and Analysis Kevan Parekh set to take over as CFO in January 2025.