Apple is the IBD Stock Of The Day as investors await the company's fall product launch event next Tuesday as a potential catalyst.
At the event, the Cupertino, Calif.-based consumer electronics giant is expected to unveil its iPhone 17 series handsets. The likely star of the show is the company's rumored ultrathin smartphone, called the iPhone Air.
Apple stock has been trending higher ahead of the product launch. On Wednesday, it cleared a handle buy point of 235.12 within a 36-week consolidation pattern. Shares popped on a federal judge's ruling that Apple can keep its lucrative internet search deal with Alphabet's Google.
Apple's annual smartphone event comes at a critical time for the Magnificent Seven stock. It is facing criticism for its slow response to the artificial intelligence megatrend. Plus, Apple is up against stiff smartphone competition in China.
"All eyes are on Apple next week as it prepares to unveil the iPhone 17 Air, the company's biggest design leap since the iPhone X," IDC analyst Nabila Popal said in a statement. "The launch comes at a perfect moment, with interest for ultra-slim smartphones at its peak. For Apple, this debut is especially timely and will serve as a key driver of Apple's projected 4% growth in 2025."
IPhone 17 Pricing In Focus
In a client note Thursday, Morgan Stanley analyst Erik Woodring said Wall Street will be watching to see if Apple raises its prices with the new smartphone lineup.
"We don't expect many surprises at the iPhone 17 launch Sept. 9th, but we're closely watching pricing, as we expect Apple to (modestly) raise iPhone prices for the first time in 7 years," Woodring said. "Big picture, conservative FY26 consensus growth expectations could make the launch a positive catalyst, for once."
If Apple follows its usual pattern, the iPhone 17 handsets will be available for preorder on Sept. 12 and in stores on Sept. 19.
In addition to new smartphones, Apple is widely expected to announce new models of the Apple Watch smartwatch and AirPods wireless earbuds.
Woodring rates Apple stock as overweight with a price target of 240.
Apple Stock Dips Ahead Of Event
In late-morning trades on the stock market today, Apple stock dipped a fraction to 237.43.
Apple stock has an IBD Composite Rating of 83 out of 99, according to IBD Stock Checkup. IBD's Composite Rating is a blend of key fundamental and technical metrics to help investors gauge a stock's strengths. The best growth stocks have a Composite Rating of 90 or better.
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