BUZZ - Melius believes that there is still further upside potential for Apple's stock before the earnings report is released.

October 19 -

** Melius Research remains optimistic about the long-term strategy of Apple AAPL.O CEO John Ternus in the HomeView, wearable devices, and services sector

** The brokerage stated that over time, premium Siri services will drive growth in Apple’s (AAPL) services business, and the company also has expansion potential in the server market

** Melius maintains a “buy” rating and a $370 price target, representing 7.7% upside from the most recent closing price of $343.46

** Melius expects new Mac products to be launched (including a touchscreen laptop), and believes Duo as well as a redesigned anniversary edition iPhone in 2027 will provide long-term upside

** “With Steve Smith taking over as the new head of mergers and acquisitions, we also anticipate Apple becoming more active in complementary acquisitions, which should help accelerate innovation,” the report added

** Melius noted that AAPL’s self-developed chips and unified memory architecture are starting to show their value, supporting robust demand for Macs, increasing demand for iPhones, and further reinforcing the company's pricing power

** Earlier this year, the company’s market capitalization surpassed $5 trillion (link)

** Shares edged lower in pre-market trading

** Out of 43 brokers, 26 have a “buy” or higher rating on the stock, 13 rate it “hold”, and 4 give it a “sell” or lower rating; the median price target is $332.5 according to London Stock Exchange Group (LSEG) compiled data

** As of yesterday’s close, the stock is up 26.3% year to date

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