Apple's latest iPhone SE 'should buoy consumer interest,' Citi says
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Apple (NASDAQ:AAPL)
unveiled several new products yesterday, including the oft-rumored iPhone SE with 5G support, a new smartphone that investment firm Citi says should help "buoy consumer interest."
Analyst Jim Suva, who has a buy rating and a $200 price target on Apple (AAPL), noted that the new iPhone SE, which uses the same A15 Bionic processor as the iPhone 13 is likely to spur sales, even if the starting price of $429 was slightly higher than expected.
"We believe a renewed affordable iPhone SE lineup should buoy consumer interest in iPhones vs investor fears of sharp declines following an estimated ~25% growth in units in FY 2021," Suva wrote in a note to clients.
Apple shares gained more than 2% to $161.04 in premarket trading on Wednesday.
In addition to the iPhone SE, Apple (AAPL) also unveiled a new iPad Air, powered by the M1 chip, as well as the M1 Ultra chip, which can be used in the newly announced Mac Studio. Apple also showed off the new 5k Studio Display and some sports programming for Apple TV+, Friday Night Baseball and a live highlight and look-in show airing every night, known as "MLB Big Inning."
"In a world of supply chain constraints and complexities created by COVID it is impressive that Apple has continued its development and new product launches without material delays," Suva added.
On Monday, Apple (AAPL) and Comcast (NASDAQ:CMCSA)
announced that Apple TV+ would be coming to Comcast's U.S. entertainment platforms.