Investment bank Citi said Apple stock looks attractive as the consumer electronics giant expands the availability of Apple Intelligence into numerous new languages and regions.
Apple released its latest iPhone software update, iOS 18.4, on Monday. The update adds support for Apple Intelligence in French, German, Italian, Portuguese (Brazil), Spanish, Japanese, Korean, and Chinese (simplified), as well as localized English for Singapore and India.
In a news release, the company said Apple Intelligence, its version of artificial intelligence, is now accessible in nearly all regions of the world.
"As expected, the feature updates in iOS 18.4 do not include Siri due to the previously announced delay," Citi analyst Atif Malik said in a client note. "We think Apple will likely reset Siri software expectations on the next earnings call before heading into WWDC on June 9."
Siri is Apple's personal digital assistant. Apple has postponed an AI-powered version of Siri indefinitely.
Malik rates Apple stock as buy with a price target of 275.
On the stock market today, Apple stock rose 0.5% to close at 223.19.
"AAPL stock price is getting closer to our bear case following the Siri delay sell-off and the risk reward looks attractive," Malik said.
In other news, Apple also announced new software releases with Apple Intelligence on Monday for tablets (iPadOS 18.4) and computers (macOS Sequoia 15.4). Plus, it added AI features for its Apple Vision Pro headset in U.S. English.
The company describes Apple Intelligence as a "personal intelligence system" that delivers helpful and relevant information with an emphasis on privacy.
Apple Stock News: IPhone Sales 'Muted'
Elsewhere on Wall Street, UBS analyst David Vogt reiterated his neutral rating on Apple stock with a 12-month price target of 236.
In a client note Monday, Vogt said iPhone demand remains "muted" in its key markets of the U.S., Europe and China.
Apple's global iPhone unit sell-through dropped 1% year over year in February, he said. The overall smartphone market was "flattish" for the month, Vogt said.
"Apple continues to cede share in key markets like China and Europe with sell-through down about 17% and 12% respectively," Vogt said.
Meanwhile, in the U.S., iPhone unit sell-through declined roughly 1%, while the U.S. smartphone market declined about 5% year over year, he said.
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