Citi analyst offers nuanced Apple outlook ahead of WWDC 2024, looking beyond AI hype
By
Hillary Remy
Summary
Citi analyst Atif Malik provides a nuanced outlook on Apple ahead of its WWDC 2024 developer conference, suggesting the market's focus on AI announcements may be too narrow. While Apple has strong momentum with a record quarter and $31 billion in services revenue, Citi's message goes beyond just artificial intelligence, indicating other factors at WWDC could be equally important for Apple stock investors.
Source
bskyCiti analyst offers nuanced Apple outlook ahead of WWDC 2024, looking beyond AI hypebit.lyKey quotes
· 3 pulledCiti's message going into June 8 is more specific than the consensus suggests, and it is not only about artificial intelligence.
Apple is heading into its most closely watched developer conference in years with a record quarter behind it and one of the highest-stakes AI announcements in its history in front of it.
The stock has climbed 15% year to date, services revenue hit an all-time high of $31 billion in the March quarter, and Wall Street has spent the better part of two months debating whether WWDC will finally establish Apple as an AI winner.
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