By Mike Murphy
Apple Inc. is expected to unveil its latest line of iPhones and smartwatches on Sept. 7, according to a new report.
Bloomberg News reported Wednesday that the tech giant will update its flagship smartphones amid a busy fall product rollout that includes three new Apple Watch models and multiple new versions of Macs and iPads by year’s end.
But the iPhone 14 launch is by far the biggest deal for Apple. Last quarter, Apple reported $40.67 billion in revenue from iPhone sales , up from $39.57 billion a year prior, and roughly half of the company’s total revenue. That beat analysts’ expectations, defying global supply-chain problems and rising inflation.
The iPhone 14 will reportedly feature a better camera but otherwise fairly minor technological upgrades, and will add a version with a 6.7-inch screen while eliminating the 5.4-inch “mini” version.
Analysts are bullish on Apple’s outlook. Credit Suisse’s Shannon Cross on Wednesday named Apple of of her “top picks,” raising her rating on the stock to outperform from neutral, with a $201 price target, while Wedbush’s Dan Ives told CNBC that demand for Apple products will likely remain strong next year.
Apple shares /zigman2/quotes/202934861/composite AAPL -1.27% closed slightly higher Wednesday, at $174.55, and are down about 2% year to date, following a 24% rally over the past three months. In comparison, the S&P 500 /zigman2/quotes/210599714/realtime SPX +1.97% is down 10% in 2022, after a 9% gain over the past three months.