Oppenheimer Reiterates Perform Rating on Apple Following Q1 Earnings

Oppenheimer analyst Martin Yang reiterated a Perform rating on Apple (NASDAQ: AAPL).

“Apple reported better-than-expected F1Q26 results and F2Q26 guidance. F1Q26 revenue/EPS of $143.76B/$2.84 compares to FactSet consensus estimates of $138.39B/$2.67.

F2Q revenue guide of 13–16% Y/Y growth is ahead of consensus of 10%. Total sales were up 16% Y/Y driven by 23% growth in iPhone and 14% in Services.

Greater China sales stood out, up 38% Y/Y and achieved an all-time-high when adjusted for FX. All other regions except for Japan delivered DD Y/Y growth.

In F2Q25 guidance, gross margin of 48–49% exceeded expectations and inclusive of impact of memory pricing.

Apple’s AI partnership with Google is a constructive step to building a better Siri (expected this year).

Macro overhangs and unclear ROI and monetization strategy on Apple Intelligence keep us sidelined.

Reiterate Perform.”

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