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3September2024|5:57PMEDT
AppleInc.(AAPL)
Buy
Septembereventpreview:ExpectiPhone16,updatedWatches,&AirPods
AAPL12m。Price。Target:。$276.00Price:。$222.77Upside:。23.9%
Applewillhostaspecialevent,“It’sGlowtime,”onSeptember9,2024,whenitiswidelyexpectedtoannouncenewproductsfortheiPhone16,AppleWatchSeries10/Ultra3/SE,and4th-gen
AirPods.Inthepast5years,AAPLstockunderperformedtheS&P500byanaverageof70bpsonthedayoftheiPhone
announcement,andweexpectthisyear’seventtobesimilarlyimmaterialtothestockprice.Thatsaid,upsidesurprisescould
include(1)theannouncementofapriceincreaseoniPhones;(2)earlier-than-expectedAIfeaturesandapps;(3)newiPad
announcements;and(4)better-than-expectedcarrierpromotions.
WereiterateourBuyratingonAAPLandbelievethatnewproductinnovationfortheiPhone16(e.g.,continuedprocessorinnovation,largerdisplaysizes,improvedcamerafeatures)coupledwithnewAIfeatures(e.g.,AppleIntelligence)shoulddriveupgradesand
installedbasegrowth.WeforecastiPhonerevenuetobe-1%yoyinF2024EbutexpectiPhonerevenuegrowthtoaccelerateto9%in
bothF2025andF2026,catalyzedbyAIfeaturesandnewiPhonehardwareformfactors.
_
Expectedkeyannouncements
iPhone16:SizeincreasesonPro/ProMax,WiFi7functionality,additionalhardware&softwareinitiatives,potentialprice
increasesonPro/ProMax
AAPLlikelywillannouncethelaunchof4newiPhone16models:(1)iPhone16(6.1”);(2)iPhone16Plus(6.7”);(3)iPhone16Pro(6.3”v.6.1”foriPhone15Pro);and(4)iPhone16ProMax(6.9”v.6.7”foriPhone15ProMax).Givenhistoricalpatternsofreleasingnew
modelstheFridayoftheweekfollowinganiPhonelaunch
MichaelNg,CFA
+1(212)902-8618|michael.ng@GoldmanSachs&Co.LLC
KatherineCampagna
+1(212)902-1151|katherine.a.campagna@GoldmanSachs&Co.LLC
ZoraydaMontemayor
+1(212)357-6403|zorayda.montemayor@GoldmanSachs&Co.LLC
ShelbySpencer
+1(212)902-5535|shelby.spencer@GoldmanSachs&Co.LLC
KeyData
Marketcap:$3.4trEnterprisevalue:$3.4tr 3mADTV:$13.7bnunitedStates
AmericasHardware,Media,andSMlDFintechM&ARank:3
GSForecast
Revenue($mn)New
Revenue($mn)OldEBITDA($mn)
EBIT($mn)
EPS($)New
EPS($)OldP/E(X)
Dividendyield(%)
Netdebt/EBITDA(X)
EPS($)
9/23383,285.0
383,285.0125,820.0114,301.0
6.13
6.1326.4 0.6(0.4)
6/24
1.40
9/24E390,644.0
390,641.2134,440.8122,994.2
6.71
6.7133.2 0.4(0.3)
9/24E
1.60
9/25E422,040.3
423,350.0145,825.8133,888.0
7.50
7.5229.7 0.5(0.3)
12/24E
2.42
9/26E465,229.0
463,944.9163,320.1150,746.5
8.67
8.6425.7 0.5(0.3)
3/25E
1.71
GSFactorProfile
Growth
FinancialReturns
Multiple
Integrated
Percentile20th40th60th80th100th
AAPLrelativetoAmericasCoverage
AAPLrelativetoAmericasHardware,Media,andSMIDFintech
Source:Companydata,GoldmanSachsResearchestimates.Seedisclosuresfordetails.
GoldmanSachsdoesandseekstodobusinesswithcompaniescoveredinitsresearchreports.Asaresult,
investorsshouldbeawarethatthefirmmayhaveaconflictofinterestthatcouldaffecttheobjectivityofthis
report.Investorsshouldconsiderthisreportasonlyasinglefactorinmakingtheirinvestmentdecision.ForRegACcertificationandotherimportantdisclosures,seetheDisclosureAppendix,orgoto
/research/hedge.html.Analystsemployedbynon-USaffiliatesarenotregistered/qualifiedasresearchanalystswithFINRAintheU.S.
GoldmanSachs
AppleInc.(AAPL)
RatingsinceMar5,2023
阝uv
Ratios&Valuation
P/E(X)
EV/EBITDA(X)EV/sales(X)
FCFyield(%)EV/DACF(X)CROCI(%)
ROE(%)
Netdebt/EBITDA(X)Netdebt/equity(%)Interestcover(X)
InventorydaysReceivabledays
Dayspayableoutstanding
9/23
26.419.9 6.5 3.921.361.8171.9 (0.4)(82.1)29.1 9.627.5108.0
9/24E
33.225.2 8.7 2.927.271.5162.3 (0.3)(57.1)29.312.128.3103.8
9/25E
29.722.6 7.8 3.824.180.5166.9 (0.3)(64.2)31.9 13.028.797.9
9/26E
25.7 19.6 6.9 4.421.087.6176.3 (0.3)(69.0)35.913.329.1100.2
Growth&Margins(%)
9/239/24E9/25E9/26E
Totalrevenuegrowth
EBITDAgrowthEPSgrowth
DPSgrowthGrossmarginEBITmargin
8.08.511.64.146.031.7
10.212.015.73.946.132.4
1.9 6.99.54.346.231.5
(2.8)(3.6)0.34.444.129.8
PricePerformance
AAPL($)S&P500
2606,500
2406,000
2205,500
2005,000
1804,500
1604,000
Oct-23Jan-24Apr-24Jul-24
3m6m12m
Absolute14.8%24.0%17.6%
Rel.totheS&P5007.4%12.8%(6.0)%
Source:FactSet.Priceasof3Sep2024close.
IncomeStatement($mn)
Totalrevenue
costofgoodssoldSG&A
R&D
otheroperatinginc./(exp.)
EBITDA
Depreciation&amortization
EBIT
Netinterestinc./(exp.)
lncome/(loss)fromassociates
Pre-taxprofit
provisionfortaxesMinorityinterest
preferreddividends
Netinc.(pre-exceptionaIs)Netinc.(post-exceptionaIs)EPS(basicrpre-except)($)
EPS(diIutedrpre-except)($)EPS(ex-ESOexp.rdiI.)($)
DpS($)
Div.payoutratio(%)
wtdavgsharesout.(basic)(mn)wtdavgsharesout.(diluted)(mn)
9/23
383,285.0(214,137.0) (24,932.0)(29,915.0)
--
125r820.0
(11,519.0)
114r301.0
(565.0)
--
113r736.0
(16,741.0)
--
--
96r995.096r995.0 6.166.13
--
0.94 15.315,744.215,812.5
9/24E
390,644.0(210,144.7) (25,894.0)(31,611.0)
--
134r440.8
(11,446.6)
122r994.2
200.0
--
123r194.2
(19,712.7)
--
--
103r481.6103r481.6 6.746.71
--
0.98 14.515,349.915,411.7
9/25E
422,040.3(227,948.3) (26,230.0)(33,974.0)
--
145r825.8
(11,937.7)
133r888.0
178.2
--
134r066.2
(21,450.6)
--
--
112r615.6112r615.6 7.537.50
--
1.02 13.614,962.015,022.7
9/26E
465,229.0(250,878.5) (27,030.0)(36,574.0)
--
163r320.1
(12,573.7)
150r746.5
399.8
--
151r146.3
(24,183.4)
--
--
126r962.9126r962.9 8.718.67
--
1.06 12.214,576.114,636.7
AppleInc.(AAPL)
BalanceSheet($mn)
cash&cashequivalentsAccountsreceivable
Inventory
Othercurrentassets
Totalcurrentassets
NetPP&E
Netintangibles
Totalinvestments
Otherlong-termassets
Totalassets
Accountspayable
Short-termdebt
CurrentleaseliabilitiesOthercurrentliabilities
Totalcurrentliabilities
Long-termdebt
Non-currentleaseliabilitiesOtherlong-termliabilities
Totallong-termliabilitiesTotalliabilities
Preferredshares
Totalcommonequity
Minorityinterest
Totalliabilities&equity
BVPS($)
9/23
29,965.029,508.06,331.077,762.0
143,566.0
43,715.0 6,512.0100,544.058,246.0
352,583.0
62,611.015,807.0
--
66,890.0
145,308.0
95,281.0
--
49,848.0
145,129.0290,437.0
--
62,146.0
--
352,583.0
3.95
9/24E
31,149.331,170.07,558.681,553.9
151,431.9
44,872.06,512.076,240.063,923.0
342,978.9
56,945.015,108.0
--
72,264.4
144,317.3
86,196.0
--
47,084.0
133,280.0277,597.3
--
65,381.5
--
342,978.9
4.26
9/25E
46,495.435,220.8 8,672.585,822.0
176,210.7
47,031.1 6,512.070,240.063,923.0
363,916.8
65,336.615,108.0
--
80,650.7
161,095.4
86,196.0
--
47,084.0
133,280.0294,375.4
--
69,541.4
--
363,916.8
4.65
9/26E
61,179.639,010.99,605.290,901.0
200,696.7
49,915.26,512.064,240.063,923.0
385,287.0
72,363.415,108.0
-
90,070.4
177,541.8
86,196.0
--
47,084.0
133,280.0310,821.8
--
74,465.2
--
385,287.0
5.11
CashFlow($mn)
Netincome
D&Aadd-back
Minorityinterestadd-back
Net(inc)/decworkingcapitalOthers
Cashflowfromoperations
Capitalexpenditures
AcquisitionsDivestituresOthers
Cashflowfrominvesting
Dividendspaid
Shareissuance/(repurchase)
Inc/(dec)indebtOthers
CashflowfromfinancingTotalcashflow
Freecashflow
Freecashflowpershare(basic)($)
9/23
96,995.011,519.0
--
(6,577.0)8,606.0
110,543.0
(10,959.0)
--
--
--
3,705.0
(15,025.0)(82,981.0)(9,901.0)
--
(107,929.0)6,319.0
99,584.06.33
9/24E
103,481.611,446.6
--
(16,376.2)9,622.3
108,174.2
(9,121.5)
--
--
--
18,907.5
(15,244.3)(99,779.0)
--
--
(125,897.3)1,184.3
99,052.66.45
9/25E
112,615.611,937.7
--
2,545.312,165.6
139,264.2
(11,296.9)
--
--
--
(3,296.9)
(15,321.3)(105,300.0)
--
--
(120,621.3)15,346.0
127,967.38.55
9/26E
126,962.912,573.7
--
1,844.512,773.8
154,154.9
(12,657.8)
--
--
--
(4,657.8)
(15,513.0)(119,300.0)
--
--
(134,813.0)14,684.2
141,497.29.71
Source:Companydata,GoldmanSachsResearchestimates.
_
3September20242
GoldmanSachs
AppleInc.(AAPL)
announcement,weexpecttheiPhone16seriestobecomeavailableonFriday,September20thwithpreordersstartingonFriday,September13.
Pressreportsregardingpriceincreasesaremixed,withTechradarexpectingpricestoincrease+$100acrossallfourmodels,withthebaseandPlusstartingat$899(v.$799prior)and$999(v.$899prior),andProandProMaxmodelsat$1,099(v.$999prior)and$1,299(v.$1,199prior),respectively,whileForbesexpectspricestoremainunchangedfromtheiPhone15familyofphones.However,similartoits2023priceincreaseonthebasemodeloftheiPhone15ProMax,whereitraisedentrypricesby$100($1,099to
$1,199)byeliminatingthe128GBstorageoption,AAPLcouldpossiblyraiseentrypricesontheiPhone16/Plus/Promodelsbyeliminatingthe128GBentry-levelstorageoption.
WenotethattheiPhoneProhasnotseenapriceincreasesinceitwasfirstintroducedwiththeiPhone11ProinSeptember2019.Inourview,AAPL’sinvestmentsiniPhonehardwareandacrosstheAppleecosystem(e.g.,software,services)inrecentyears
haveprovidedconsumerswithadditionalvalueandshouldhelpwarrantthepriceincreases.
Modestformfactorchangesareexpected,perBloomberg.Pressexpectationsfor
hardwareupdatesinclude(1)displaysizeincreasesfortheiPhonePro(6.3”v.6.1”15Pro)andProMax(6.9”v.6.7”15ProMax);(2)theintroductionofA18chipseriesmadewith3nmprocesswhichimprovesspeedandpowerefficiency(3-nmchipspreviously
onlyfeaturedwithintheiPhone15ProandProMaxwithA17Prochips);(3)the
expansionoftheActionbuttontoalliPhone16models(v.15Pro/ProMaxonlyprior);and(4)improvedcamerafeatures,withverticallenseson16/16Plusmodelsanda
“Capture”button.
iPhone16tolaunchwithiOS18,whichasoutlinedinour2024WWDCreview,hasupdatescenteredaround(1)personalization(e.g.,rearrangeapps/widgetson
Homescreen;texteffectsandformattinginiMessages;ControlCentercustomization
options;Genmojis;customizedfitnessgoalsonwatchOS;SmartStackwidget
notificationsonwatchOS);(2)privacy(e.g.,lock/hideapps;limitedcontactsharing;
_
Passwordsapp);and(3)productivity(e.g.newCalculatorapponiPad;iPhoneMirroringonmacOS).IndustryreportsbelieveAIfeatureslikelywillbeafewweeksdelayedfromtheiPhone16’slaunchandwilllaunchaspartoftheiOS18.1updateratherthantheiOS18launch.iOS18.1willlikelyfeaturevariousAIfunctionspreviouslyannouncedaspartofAppleIntelligenceatWWDCinJune2024including(1)improvedSirifunctionalities
withcontextualunderstanding,abilitytointeractviatext,anda“glowing”appearance;(2)generativewritingfeaturesincludingWritingToolsandSmartReplies;and(3)PhotoinnovationsincludingimprovedPhotoLibrarysearchfunctionalityandthe“CleanUp”editingfeature.
3September20243
GoldmanSachs
AppleInc.(AAPL)
Exhibit1:SummaryofkeychangesexpectediniPhone16,16Plus,16Pro,and16ProMax
Summaryofexpectedchanges
Keychangesexpected
iPhone16and16Plus
iPhone16Proand16ProMax
A18chip(3-nm)
A18Prochip(3-nm)
Verticaldualcamera
TetraprismTelephoto5XOpticalZoomLens
Capturebutton
Largerdisplaysizes(6.3"&6.9")
Actionbutton
Capturebutton
8GBRAM
8GBRAM
WiFi7
Newcolor:Darkgold/bronze/rosegold(rumored)WiFi7
Source:Bloomberg,MacR,DatacompiledbyGoldmanSachsGlobalInvestmentResearch
_
3September20244
GoldmanSachs
AppleInc.(AAPL)
Exhibit2:AlthoughweforecastiPhonerevenuetodecline1%yoyinF2024,iPhonerevenueshouldgrow9%yoyinF2025andF2026
iPhonerevenue,annual($,bn)
Exhibit3:PricingexpectationsfortheiPhone16familyaremixed.WhilemostpressreportsexpectpricingtoremainunchangedfromiPhone15,somereportmodestincreases(+$100onbasemodelofeachdevice)
SummaryofiPhonemodelspecs,keydates,andpricing
$250
iPhonerevenue($,bn)
$200
$150
$100
$50
_
$0
YoYchange,%
50%40%30%20%10%0%-10%-20%
iPhone
Model
iPhone12
iPhone12Mini
iPhone12Pro
iPhone12ProMax
iPhone13
iPhone13Mini
iPhone13Pro
iPhone13ProMax
iPhoneSE(3rd-gen)
iPhone14
iPhone14Plus
iPhone14Pro
iPhone14ProMax
iPhone15
iPhone15Plus
iPhone15Pro
iPhone15ProMax
iPhone16
iPhone16Plus
iPhone16Pro
iPhone16ProMax
Displaysize(in)
Announce
date
Releasedate10/23/2020
11/13/2020
10/23/2020
11/13/2020
9/24/2021
9/24/2021
9/24/2021
10/13/20
10/13/20
10/13/20
10/13/20
9/14/21
9/14/21
9/14/21
6.1
5.4
6.7
6.7
6.1
5.4
6.1
9/24/2021
9/14/21
6.7
3/18/2022
9/16/2022
10/7/2022
9/16/2022
3/8/22
9/7/22
9/7/22
9/7/22
4.7
6.1
6.7
6.1
9/7/22
9/16/2022
6.7
9/12/23
9/12/23
9/12/23
9/22/2023
9/22/2023
9/22/2023
6.1
6.7
6.1
9/22/2023
9/20/2024
9/20/2024
9/20/2024
9/12/23
9/9/24
9/9/24
9/9/24
6.7
Storage(GB) 64128256 6412825612825651212825651212825651212825651212825651210001282565121000 641282561282565121282565121282565121000128256512100012825651212825651212825651210002565121000
6.1
128
256
512
6.7
128
256
512
6.3
128
256
512
1000
9/20/2024
6.9
9/9/24
256
512
1000
Launchprice($)
$799 $849 $949 $699 $749 $849 $999$1,099$1,299$1,099$1,199$1,399 $799 $899$1,099 $699 $799 $999 $999$1,099$1,299$1,499$1,099$1,199$1,399$1,599 $429 $479 $579 $799 $899$1,099 $899 $999$1,199 $999$1,099$1,299$1,499$1,099$1,199$1,399$1,599 $799 $899$1,099 $899 $999$1,199 $999$1,099$1,299$1,499$1,199$1,399$1,599
$799 $899$1,099 $899 $999$1,199 $999$1,099$1,299$1,499$1,199$1,399$1,599
Source:Companydata,GoldmanSachsGlobalInvestmentResearchSource:Companydata,GoldmanSachsGlobalInvestmentResearch
3September20245
GoldmanSachs
AppleInc.(AAPL)
Exhibit4:TheiPhoneannouncementeventhasnothistoricallybeenacatalystforoutperformance/underperformance
AbsoluteandrelativeAAPLperformancev.S&P500aroundiPhoneannouncementdates
iPhonegeneration
iPhone11,Pro,ProMax
iPhone12,Mini,Pro,ProMaxiPhone13,Mini,Pro,ProMaxiPhone14,Plus,Pro,ProMaxiPhone15,Plus,Pro,ProMax
iPhonegeneration
iPhone11,Pro,ProMax
iPhone12,Mini,Pro,ProMaxiPhone13,Mini,Pro,ProMaxiPhone14,Plus,Pro,ProMaxiPhone15,Plus,Pro,ProMax
AnnouncementDate
9/10/201910/13/20209/14/2021 9/7/20229/12/2023
AnnouncementDate
9/10/201910/13/20209/14/2021 9/7/20229/12/2023
-30Days
7%11%0%-7%1%
-30Days5%5%0%-1%0%
AbsoluteAAPLreturnfromannoucementdate
-7Days
-1Day
+1Day
+7Days
3%7%-3%-3%-5%
0%6%0%-1%1%
3%0%1%-1%-1%
2%-3%-3%0%2%
Announceday1%-3%-1%1%-2%
AAPLperformancev.S&P500aroundiPhoneannouncementdates
-1Day
-7Days
+1Day
+7Days
1%3%-2%-1%-5%
0%5%0%0%0%
2%1%0%-2%-1%
1%-1%-1%0%2%
Announceday1%-2%0%-1%-1%
+30Days
6% -2% -3%-10%3%
+30Days8%-2%-3%-2%5%
Source:FactSet,DatacompiledbyGoldmanSachsGlobalInvestmentResearch
Exhibit5:Better-than-expectedcarrierpromotionsforiPhone16coulddriveoutperformance
SelectiPhonecarrierpromotionsforiPhone12,13,14,and15
iPhonelaunchpromotionsbycarrier
ModelDateApplepricingAT&TVerizonT-Mobile
iPhone12
iPhone13
iPhone14
_
iPhone15
Oct-20release
Sep-21release
Sep-22release
Sep-23release
12mini:$69912:$799
12Pro:$999
12ProMax:$1099
13mini:$69913:$799
13Pro:$999
13ProMax:$1099
14:$799
14Plus:$899
14Pro:$999
14ProMax:$1099
15:$799(unchanged)
15Plus:$899(unchanged)
15Pro:$999(unchanged)
15ProMax:$1199(+$100;basemodelnow256GBv.128
GBprior)
offeringtheiPhone12for'free'withcertain
devicetrade-ins
(andcommitmentperiods)
ThroughApple:Upto$1000offinUSwhenyoutradein
$1000offiPhone13ProwhenyoutradeiniPhoneXSMaxorbetter
$700offiPhone13whenyoutradeiniPhoneXorbetter
ThroughApple:Upto$799/$899/$1000trade-
inbillcreditsover36monthsforiPhone
14/Plus/Pro
ThroughApple:Upto$799/$999trade-inbill
creditsover36monthsforiPhone15/15Plus/15
Pro/15ProMax
offeringtheiPhone12for'free'withcertaindevicetrade-ins (andcommitmentperiods)
ThroughApple:Upto$700creditaftertradein
ThroughApple:Upto$800trade-incredit ($410instantcredit,$390billcreditover36months),forGetMoreorOneUnlimitedplans
Upto$450trade-incredit(instantcreditonly)forDoMoreorPlayMoreplans
ThroughApple:Upto$800trade-increditforbothiPhone15and15Pro($425instantcredit,
$374billcreditover36monthsfor15),forUnlimitedUltimate,UnlimitedPlus,One
Unlimited,5GGetMore,5GDoMore,and5GPlayMoreplans
Upto$430increditaftertradeinfor15(instant
credit),$470for15Plus,$570mnfor15Pro,
and$650forUnlimitedWelcomeand5GStart
plans
twoiPhone12Prosfor$100
eachtonewcustomerswithtrade-ins
ThroughApple:$700ormoreincreditaftertradein.Includesadditional$500creditfromT-
Mobile/Sprint
Frompressrelease:freeiPhone13now,lock
in$800offintrade-invalueeverytwoyears,
forever
ThroughApple:Upto$850increditaftertrade
in.Includes$200creditfromSprint,$650
instantcredit)
ThroughApple:Upto$799increditaftertrade
infor15and15Plus($425instantcredit,$374
billcreditover24months);;Upto$999incredit
aftertradeinfor15Pro($555instantcredit,
$444billcreditover24months)forGo5GPlus
plan
Upto$430increditaftertradeinfor15(instantcredit),$470for15Plus,$570mnfor15Pro,and$650forProMaxforGo5G,TMOOne,
TMOOnePlus,MagentaMAX,orMagenaMAXPlusplan
Source:Companydata,GoldmanSachsGlobalInvestmentResearch
Wearablesannouncements:AppleWatchSeries10,Ultra3,SE3,&newAirPods4th-gen
AppleWatchreleases
WeexpectAAPLtoannouncetheAppleWatchSeries10,AppleWatchUltra3,and
3September20246
GoldmanSachs
AppleInc.(AAPL)
AppleWatchSE3.TheAppleWatchSeries10&Ultra3willreportedlyincludeanew
S10processorthatimprovesperformance(thoughwillnotsupportAppleIntelligence).Inadditiontothenewprocessor,theAppleWatchSeries10modelsshouldfeature
largerdisplays(smallersizetogrowfrom41mmto45mm,largersizetogrowfrom45mmto49mm),andthemodelsshouldbeslightlythinnerrelativetotheSeries9.PressreportsindicatethattheAppleWatchSE3willalsoinclude(1)displayscreensize
increases(41mmv.40mmprior;45mmv.44mmprior),and(2)haveaplasticcase(v.aluminumprior).
WedonotexpectsubstantialpricechangesforAppleWatchmodelsversuspriorreleases.
_
3September20247
GoldmanSachs
AppleInc.(AAPL)
Exhibit6:WeexpecttheAppleWatchSeries10,AppleWatchUltra3,andSE3pricestobesimilarasthepreviousgeneration
AppleWatchproductsbykeyspecs,announcementdate,releasedate,andlaunchprice
AppleWatch
Model
AppleWatchSeries0
AppleWatchSeries1
AppleWatchSeries2
AppleWatchSeries3
AppleWatchSeries4
AppleWatchSeries5
AppleWatchSE(1st-gen)
AppleWatchSeries6
AppleWatchSeries7
AppleWatchSE(2nd-gen)
_
AppleWatchSeries8
AppleWatchUltra
AppleWatchSeries9
AppleWatchUltra2
AppleWatchSeries10
AppleWatchUltra3
AppleWatchSE(3rd-gen)
Otherspecs
GPSGPSGPSGPSGPSGPSGPSGPS
GPS+CellularGPS+CellularGPS
GPS
GPS+CellularGPS+Cellular
GPSGPS
GPS+CellularGPS+CellularGPS
GPS
GPS+CellularGPS+Cellular
GPSGPS
GPS+CellularGPS+CellularGPS
GPS
GPS+CellularGPS+Cellular
GPSGPS
GPS+CellularGPS+CellularGPS
GPS
GPS+CellularGPS+CellularGPS+CellularGPS
GPS
GPS+CellularGPS+CellularGPS+Cellular
GPSGPS
GPS+CellularGPS+CellularGPS+CellularGPS
GPS
GPS+CellularGPS+Cellular
DisplaySize(mm)
38
42
38
42
38
42
38
42
38
42
40
44
40
44
40
44
40
44
40
44
40
44
40
44
40
44
41
45
41
45
40
44
40
44
41
45
41
45
49
41
45
41
45
49
45
49
45
49
49
41
45
41
45
Announce
Date
9/9/2014
9/7/2016
9/8/2016
9/12/20179/12/20179/12/20179/12/20179/12/20189/12/20189/12/20189/12/20189/10/20199/10/20199/10/20199/10/20199/15/20209/15/20209/15/20209/15/20209/15/20209/15/20209/15/20209/15/20209/14/20219/14/20219/14/20219/14/2021 9/7/2022 9/7/2022 9/7/2022 9/7/2022 9/7/2022 9/7/2022 9/7/2022 9/7/2022 9/7/20229/12/20239/12/20239/12/20239/12/20239/12/2023
9/9/20249/9/20249/9/20249/9/20249/9/20249/9/20249/9/20249/9/20249/9/2024
ReleaseDate4/24/2015
9/12/2016
9/16/2016
9/22/20179/22/20179/22/20179/22/20179/21/20189/21/20189/21/20189/21/20189/20/20199/20/20199/20/20199/20/20199/18/20209/18/20209/18/20209/18/20209/18/20209/18/20209/18/20209/18/202010/15/202110/15/202110/15/202110/15/20219/16/20229/16/20229/16/20229/16/20229/16/20229/16/20229/16/20229/16/20229/23/20229/22/20239/22/20239/22/20239/22/20239/22/2023
9/20/20249/20/20249/20/20249/20/20249/20/20249/20/20249/20/20249/20/20249/20/2024
LaunchPrice($)
$349$399$269$299$369$399$329$359$399$429$399$429$499$529$399$429$499$529$279$309$329$359$379$429$499$529$399$429$499$529$249$279$299$329$399$429$499$529$799$399$429$499$529$799
$399$429$499$529$799$249$279$299$329
Source:Companydata,GoldmanSachsGlobalInvestmentResearch
3September20248
GoldmanSachs
AppleInc.(AAPL)
AirPodsreleases
WeexpectAAPLtoannouncethe4thgenerationofAirPods.Accordingtopressreports,
the4thgenerationofAirPodswillreportedlyfeaturetwomodels,withthehigherpricedmodelhavingNoiseCancellationfunctionalityaswellasaspeakerinthecasefor
locationtracking.4thGenAirpodsareexpectedtohaveUSB-Cchargingports.
iPad:potentialannouncementsfornewiPadandiPadMini
SeveralpressreportsexpectthepotentialannouncementsofanewiPadandiPadMini,roundingouttheremainingiPadupdatesthisyearfollowingthepreviouslyannouncedupdatestotheiPadAirandiPadProinMay2024.Thatsaid,thenextiPadMiniwill
reportedlyfeatureanOLEDdisplay,whichcouldpushthelaunchofthenext-geniPadMinito2026.Accordingly,weviewthelikelihoodofnewiPadannouncementsatthisevent-particularlythatoftheiPadMi
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