Citi published a research report, keeping Apple's forecast for the second fiscal quarter ending March this year unchanged, in line with general market expectations. It lowered the iPhone shipment forecast for 2025 and 2026 to 232 million and 244 million units, or 5% year-on-year growth, mainly considering that the much-publicized Siri upgrade was delayed until April, and the upgraded Siri could have boosted the iPhone conversion rate this year. Citi still believes that Apple is making progress in introducing smart assistants in China, and that investors may play a defensive role by switching from “Big Seven” stocks with an AI concept to Apple. Citi lowered its earnings forecast per share for the 2025-2027 fiscal year by approximately 1%, maintaining a target price of $275 and a “buy” rating.

Citi published a research report, keeping Apple's forecast for the second fiscal quarter ending March this year unchanged, in line with general market expectations. It lowered the iPhone shipment forecast for 2025 and 2026 to 232 million and 244 million units, or 5% year-on-year growth, mainly considering that the much-publicized Siri upgrade was delayed until April, and the upgraded Siri could have boosted the iPhone conversion rate this year. Citi still believes that Apple is making progress in introducing smart assistants in China, and that investors may play a defensive role by switching from “Big Seven” stocks with an AI concept to Apple. Citi lowered its earnings forecast per share for the 2025-2027 fiscal year by approximately 1%, maintaining a target price of $275 and a “buy” rating.