KeyBanc Reiterates Underweight on Apple, $250 PT

KeyBanc analyst Brandon Nispel reiterated an Underweight rating and $250 price target on Apple (NASDAQ: AAPL).

“It’s Not NT Numbers You Should Fear, It’s Slowing Unit/User Growth; We reiterate our UW AAPL.

We think the SOXX sell-off has driven a flight to safety benefitting AAPL at an inopportune time: there is a clear pullback in MNO device upgrade rates and changing GTM strategies that we think are going to have a negative impact on AAPL into iPhone 18 and beyond cycle.

We see the F3Q/F4Q numbers setup as fine as AAPL can shape the inventory position; however, as iPhone pricing rises, unit demand should fall, slowing user growth and likely slowing Services, leaving AAPL as more pricing reliant for growth.

At ~37x our FY27 P/E, AAPL appears priced for perfection.”

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