Apple: We’re Pleased With iPhone 15 and Watch Innovations, but Shares Are Still Rich

We maintain our $150 fair value estimate for wide-moat Apple as the company announced its annual update to its lineup of iPhones (the iPhone 15 series) and watches (Apple Watch Series 9 and Ultra 2). Overall, we’re delighted with Apple’s innovation within these devices, as the firm continues to show off its cumulative expertise (and competitive advantage) in hardware, software, services, and semiconductors. Nonetheless, with shares trading around $175, we continue to view shares as modestly overvalued as we foresee only mid-single-digit revenue growth for the company over the next few years.