Bernstein Reiterates Outperform Rating on Apple, $325 Price Target

Bernstein SocGen Group analyst Mark C.

Newman reiterated an Outperform rating and $325.00 price target on Apple (NASDAQ: AAPL).

“Beating estimates despite headwinds from Memory price hikes. Reiterate Outperform, TP $325.

Apple guided for strength to continue into FY26Q2 despite headwinds from memory price hikes and potential shortages.

Revenue guided to grow13-16% YoY even factoring in constrained iPhone supply is above consensus and roughly inline with our projections (at 14.6% YoY).

More importantly management guided gross margin to further increase to 48-49% significantly better than us at 47.2% and consensus at 47.8%.

While recognizing the challenges from record memory price hikes and shortages, Apple is so far managing better than competition as we outlined here. iPhone 17 demand remains strong with FQ1’26 iPhone revenue hitting $85.3B (up 23% YoY), an all-time record and exceeding us, consensus and our recent APPLE TRACKER.

Apple confirmed their partnership with Google on AI models and clarified that this is a collaboration bringing together the best of Apple’s on device foundational models and leading Gemini models.

A new and improved Siri is expected this year, which we believe will be the next major catalyst for the stock.”

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