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Apple CEO Tim Cook said a product launch event is coming Wednesday.
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Analysts have speculated the company could unveil the iPhone SE4, a lower-cost iPhone model equipped with Apple Intelligence features.
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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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