HSBC Sticks with Buy on Apple Ahead of iPhone Launch Event

HSBC remains bullish on Apple as it prepares for tomorrow's iPhone launch event. The bank has maintained its 'Buy' rating on the tech giant, despite concerns about increasing competition in the smartphone market.

The analysts at HSBC point out that Apple is still a leader in the premium segment and that its ecosystem of products and services provides a strong moat against competitors. They also note that the company's services business has been growing rapidly and now accounts for over 15% of revenue, providing a stable source of income.

HSBC's price target for Apple remains unchanged at $175, although some analysts have expressed caution about the stock's valuation given its recent run-up. However, HSBC believes that Apple's strong brand and innovative products will continue to drive growth in the coming years.