HSBC Reiterates Hold Rating on Apple (AAPL)

HSBC analyst Erwan Rambourg reiterated a Hold rating and $220.00 price target on Apple (NASDAQ: AAPL)

The analyst comments: "After Alphabet’s Pixel 10 launch on 20 August, focus turns to Apple with the presentation of its iPhone 17 lineup on 9 September. We expect Apple to present four models, including an all-new slim version (“Air”) to replace the “Plus” model in previous lineups. We expect a lower-priced 17e version coming in 2026. A US survey points towards high pent-up demand, with seven of 10 users expressing interest in upgrading to a 17 model (MacRumors, 1 September 2025). We also expect announcement of a new Apple Watch (11, Ultra 3), new AirPods, and Airtag (possibly an upgraded Vision Pro too). While we do not see the iPhone 17 lineup as introducing a clear step change in Apple’s offering, we have higher expectations from its products pipeline in 2026-27 as reported in the press (Bloomberg 24 August 2025), including a foldable phone and smart glasses. Also in the works is a special 20th anniversary edition iPhone model with curved glass."

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Shares of Apple closed at $239.69 yesterday.

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