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Apple CEO Tim Cook said a product launch event is coming Wednesday.
Analysts have speculated the company could unveil the iPhone SE4, a lower-cost iPhone model equipped with Apple Intelligence features.
The launch comes shortly after reports Apple is partnering with Alibaba to bring Apple Intelligence to China.
With Apple (AAPL) CEO Tim Cook teasing a new product launch Wednesday, analysts have speculated a new lower-cost iPhone model could soon hit store shelves.
Cook didn’t specify what’s coming in his announcement post on X earlier this week, but analysts have previously speculated a new iPhone SE model could be unveiled in early 2025. Morgan Stanley said Tuesday it expects the iPhone SE4 to start at $499 and come equipped with Apple Intelligence—which Cook has said is driving record iPhone upgrades.
Morgan Stanley maintained its “overweight” rating and $275 price target. Of the 16 analysts covering Apple tracked by Visible Alpha, nine have a “buy” or equivalent rating for the stock, compared to five “hold” ratings and two “sell” ratings. Their consensus price target is roughly $253, about a 4% premium over Friday’s close.
The product launch comes after Alibaba (BABA) Chair Joe Tsai said the Chinese e-commerce giant is partnering with Apple to bring artificial intelligence features to iPhones in China, according to a CNBC report. Earlier this week reports from The Information and The Wall Street Journal said Apple had submitted AI features developed with Alibaba to Chinese regulators for approval, a process that could take several months.
Shares of Apple rose 1.3% to close at $244.60 Friday and have added about a third of their value over the past 12 months.
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