Apple (AAPL, Financial) offers a favorable investment opportunity, according to Citi, as the company expands Apple Intelligence to more languages and its stock approaches a bearish valuation scenario.
In a research note published Tuesday, Citi analyst Atif Malik said Apple's stock is nearing the firm's downside target after a recent decline tied to delays in its Siri software updates. Malik expects Apple to address the Siri developments during its next earnings call ahead of its Worldwide Developers Conference on June 9. He maintained a Buy rating and a $275 price target.
Apple released iOS 18.4 on Monday, expanding Apple Intelligence to eight additional languages including French, German, Italian, Portuguese (Brazil), Spanish, Japanese, Korean, and Chinese. The company also introduced localized English support for users in India and Singapore.
Alongside this rollout, Apple made Apple Intelligence available to iPhone users in the European Union and integrated the AI features into its Vision Pro headset for the first time.
It's important to note that Apple's stock price has rebounded by 1.12% over the past week, although it remains 7.71% lower for the month. Over the last six months, it has slipped 4.21%, with a year-to-date decline of 10.87%. Compared to the S&P 500's more modest weekly drop, Apple's recent uptick stands out, yet it still trails the broader market's performance on a longer-term basis.
