Apple (AAPL) will kick off its annual fall product launch event at 10 a.m. Pacific time (1 p.m. Eastern) Monday at its Cupertino, Calif., headquarters. The spotlight is on the expected launch of the AI-enabled iPhone 16 smartphone series.
Apple will detail the hardware upgrades, product specifications and pricing for the new handsets. Plus, it will tout the capabilities of its latest smartphone operating system, iOS 18, including new artificial intelligence features. (Check out our preview story.)
In addition to new iPhones, the consumer electronics giant is seen unveiling the latest Apple Watch lineup and new AirPods wireless earbuds.
Apple Stock Slips Ahead Of “Biggest Upgrade Cycle In Its History”
Apple stock was down around 1% on the stock market today ahead of the event.
Wedbush Securities analyst Daniel Ives said Apple’s iPhone 16 lineup will kick off the “biggest upgrade cycle in its history.”
“This iPhone 16 release is all about Apple Intelligence and the unleashing of the consumer AI revolution,” Ives said in a client note Sunday. “We estimate that roughly 20% of consumers worldwide will ultimately access and interact with generative AI apps through the Apple ecosystem over the coming years which all kicks off with iPhone 16 this week.”
Supply chain checks indicate initial iPhone 16 shipments will be closer to 90 million-plus units, vs. Wall Street’s original expectations in the 80 million to 84 million unit range, Ives said.
Ives rates Apple stock as outperform with a 12-month price target of 285.
JPMorgan analyst Samik Chatterjee said much of hardware updates for the iPhone 16 are known because of news leaks from the supply chain. But the focus on AI and software features creates the opportunity for surprises at the event.
“The ‘unknowns’ and watch points from the upcoming launch event will include pricing and shipping dates, release date of iOS 18 and additionally incremental features and integrations over the ones already highlighted at WWDC to reinforce higher engagement from developers as well as AI partners,” he said in a client note Sunday.
Chatterjee rates Apple stock as overweight with a price target of 265
