花旗给予苹果“买入”评级，目标价240美元

Core Viewpoint - Citigroup has assigned a "Buy" rating to Apple (AAPL.US) with a target price of $240, noting that investor expectations for the 2025 Worldwide Developers Conference (WWDC) are low [1]. Group 1: WWDC 2025 Expectations - WWDC 2025 is scheduled to open on June 9, with the theme "Breakthrough Updates Coming to Apple Platforms" [3]. - The conference is expected to announce the latest software updates for iPhone, iPad, Mac, and new features for Apple Intelligence [3]. - Despite the delay of the AI-supported personalized Siri feature until 2026, Citigroup believes Apple has a significant advantage in the personal AI service device era due to its full-stack approach [3]. Group 2: Product and System Updates - Apple plans to rename its operating systems based on the year, with the upcoming releases being iOS 26, macOS 26, and iPadOS 26 [3]. - A major overhaul of the multi-device user interface is anticipated, aiming for a more unified and simplified design that aligns closely with the Vision Pro operating system [3]. - Citigroup views these updates as a demonstration of Apple's commitment to creating a highly consistent and integrated ecosystem, emphasizing its focus on spatial computing [3]. Group 3: Apple Intelligence Developments - Beyond operating system updates, the focus remains on the upgrade of Apple Intelligence [4]. - Due to the significant delay in Siri's major update during the iOS 18 cycle, Apple may introduce a deeply integrated version of personalized Siri during the iOS 26 cycle, although the specific timing is uncertain [4]. - Citigroup anticipates that Apple Intelligence features will expand to more regions and may include new partnerships with large language models (LLMs) beyond OpenAI, such as Gemini [4].