Apple (AAPL) Stock: Jim Cramer's Portfolio "Quarterback" Gets Analyst Price Boost

TLDR

Table of Contents

Apple (AAPL) stock fell 2.76% after iPhone 17 launch but analyst Ben Reitzes raised price target to $290, seeing 24% upside potential
New iPhone Air model priced at $999 replaces Plus model and could boost average selling prices by cannibalizing cheaper options
iPhone Pro price increased $100 to $1,099 with new 2TB storage option on Pro Max model
Google antitrust ruling allows continued revenue-sharing payments worth roughly $20 billion annually to Apple
Jim Cramer maintains Apple as “quarterback” of his portfolio despite recent underperformance, citing 41% gains from lows

Apple stock dropped 2.76% Wednesday following the iPhone 17 launch event. Investors focused on the unchanged $799 base model price and reacted negatively to the announcement.

However, Melius Research analyst Ben Reitzes sees this reaction as missing the bigger picture. He maintained his buy rating and raised his price target to $290 from $260.

This represents the highest target among analysts tracked by FactSet. The new target suggests nearly 24% upside potential for Apple shares.

AirPods Pro 3, the new Apple Watch lineup, iPhone 17, iPhone 17 Pro, and the all-new iPhone Air—here’s everything we just announced! pic.twitter.com/EDPNjpoUW8
— Tim Cook (@tim_cook) September 9, 2025

The centerpiece of Tuesday’s event was the iPhone Air model. This ultrathin device carries a $999 price tag and replaces the midrange Plus model.

The Air’s positioning could shift Apple’s product mix toward higher-end devices. “The main thing is the $999 price point is likely to cannibalize much of the lower-priced models,” Reitzes wrote.

Apple also raised the iPhone Pro price by $100 to $1,099. The Pro Max now includes a 2-terabyte storage option.

These changes add more expensive models to Apple’s lineup. The analyst believes this will improve the overall product mix for the company.

Pricing Strategy Targets Higher Revenues

The iPhone Air’s design could have particular appeal in international markets. Reitzes thinks the form factor may help Apple’s market share in China.

The stylish design might generate more interest than in the skeptical US market. Apple stock historically performs poorly around iPhone launches.

The stock typically drops an average of 2.07% between announcement and release dates. This year’s decline follows that pattern.

A recent antitrust ruling cleared Google to continue paying Apple for default search placement. This partnership generated approximately $20 billion in payments to Apple in 2022.

Analysts estimate similar annual amounts continue today. “We remain very pleased with the recent Google Antitrust ruling,” Reitzes stated.

Cramer Maintains Confidence

Jim Cramer called Apple the “quarterback” of his fantasy stock portfolio. He acknowledged the stock was one of the worst performers over the past year with only mid-single-digit gains.
“I’m not going to be easily shaken off Apple,” Cramer said. He pointed out the stock is up over 41% from its lows.

Cramer noted the company seems to be back in good graces with the Trump administration. The judiciary hasn’t blocked Apple from taking billions of dollars to make Google their default search engine.

Apple sales are growing again according to Cramer. He expects the company to continue making a fortune from the Google search deal.

The AirPods Pro 3 received praise for its live translation features. Reitzes called the capability “awesome” and worthy of upgrading.

This could help stabilize Apple’s declining wearables category. The new iPhones set the stage for future innovations like foldable phones and glasses.

Apple has faced challenges this year including AI strategy concerns and tariff worries. The iPhone launch positions the company to catch up with other Big Tech firms.

The stock remains down 6% year-to-date despite recent gains. Reitzes bases his $290 target on 30 times projected fiscal 2027 earnings.

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