Apple AAPL received a higher price target from Citi after the brokerage lifted its forecast to $365 from $315 while reiterating its Buy rating, citing confidence in the company’s market position and upcoming product cycle.

Citi said Apple remains well placed to expand its share in the smartphone and personal computer markets despite rising competition. The firm identified the expected September launch of the iPhone 18 as a potential catalyst that could improve investor sentiment.

The brokerage also said Apple’s pricing strategy may help cushion pressure on margins. It noted that recent price increases for Macs and iPads could be followed by similar adjustments for future iPhone models, particularly premium devices where customer demand…