Apple Inc's (NASDAQ:AAPL) iPhone 16 presentation may not be a sell the news item for the company's stock like past Apple events, an analyst said ahead of the highly anticipated Glowtime event.

The Analyst: Bank of America analyst Wamsi Mohan reiterated a Buy rating and $256 price target.

The Analyst Takeaways: Monday's Glowtime event could launch a new generation of "Intelliphones," Mohan said in a new investor note Thursday.

Mohan expects the iPhone 16 to launch on Monday, Sept. 9.

"We expect Apple Intelligence to be available first in the U.S." he added.

Mohan said the Apple event could be the start of a new "software-driven iPhone upgrade cycle."

Past Apple events have been "sell the news" for the company's stock, Mohan says. Monday's event could take the stock higher.

"If Apple were to demo any compelling features or raise price, shares could move higher."

Did You Know?

• Congress Is Making Huge Investments. Get Tips On What They Bought And Sold Ahead Of The 2024 Election With Our Easy-to-Use Tool

Apple stock is up 20% year-to-date in 2024. However, it's flat over the last 60 days ahead of the event, Mohan said.

The analyst said Apple stock has pulled back after recent events, but typically recovers within 30 to 60 days.

If the iPhone maker "surprises with a compelling demo of Apple Intelligence/third party integrations or with any price increases," Mohan could see the stock fare better than post past events.

The Cupertino, California-based company could show off four iPhone 16 models, show off Apple Intelligence features, announce the Apple Watch Series 10 and updated AirPods at the event, the analyst added.

AAPL Price Action: Apple stock is up 1% to $222.55 on Thursday versus a 52-week trading range of $164.08 to $237.23.

• 'Glowtime' Event Featuring iPhone 16 Launch Could Kickstart A 'Historical Period,' Says Wedbush Analyst Dan Ives

Image: Shutterstock