Apple is expected to unveil its latest iPhone today at an event it says “should brighten everyone’s day.” Investors are hoping that’s the case because they’re anxious for the stock to regain upward momentum. Apple has fallen 26 percent over the past year, compared with a 16 percent rise for the Standard & Poor’s 500 index.
The next generation of its smartphone line might address the growing popularity of cheaper Android phones. Based on leaks from parts suppliers, it appears Apple might unveil a less expensive iPhone in several colors. A new high-end version also is expected.
Launched in 2007, the iPhone has been losing some of the cachet it once had. In the second quarter of this year, Apple sold 31 million iPhones worldwide, while Samsung, HTC, LG Electronics and others sold 187 million Android phones, according to the research firm International Data Corp. The iPhone commands 13 percent of the global market, down from 17 percent a year ago.
Even with its challenges, the majority of the 52 financial analysts covering the stock rate Apple a “buy.” Their average price target of $527 represents a potential 4 percent rise from Monday’s closing price of $506.17.