TD Cowen Reiterates Buy Rating on Apple, $325 Price Target
TD Cowen analyst Krish Sankar reiterated a Buy rating and $325.00 price target on Apple (NASDAQ: AAPL).
“Expect DD% Y/Y Growth & Share Gains; Memory Cost Impact & AI Siri in Focus; We expect AAPL to report (4/30) Mar ’26 Q revs in line with the Street’s +15% Y/Y and guide Jun Q up ~10% with iPhone units up HSD% Y/Y.
A strong iPhone 17 cycle and new MacBook Neo can drive share gains, but AAPL’s ability to mitigate memory cost inflation (the 2.8x increase in memory costs could impact iPhone 17 GM by ~900bps) and launch a compelling new AI Siri will be next catalysts to watch.
AAPL stock sentiment is positive ahead of results given healthy iPhone 17 adoption, smartphone market share gains despite memory supply dynamics, and optimism around the new AI Siri.
We expect the net impact of memory prices on CY26 hardware margins will be a core focus for the earnings call along with cost improvements and (possibly) price increases.
Given its ability to procure memory supply we believe AAPL will continue to gain share in smartphones and in PCs with the MacBook Neo now able to address price sensitive categories.
We expect the Jun ’26 Q to be guided down MSD% Q/Q but still register ~10% Y/Y growth.”
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