Oppenheimer Reiterates Perform on Apple

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

“Apple reported better-than-expected F3Q26 results, but weaker-than-expected F4Q26 guidance. F3Q26 revenue/EPS of $109.4B/$2.02 compares to FactSet consensus of $109.46B/$1.95.

F4Q revenue growth guide of 9–11% Y/Y is below the consensus estimate of 12%. Total sales were +16% Y/Y driven by growth in iPhone (22%), Mac (29%), and Services (12%).

Greater China grew 22% Y/Y, decelerating from 28% in F2Q26, but setting another June-Q record.

Gross margin of 50.1% beat guidance, although excluding 200bps tariff-refund benefit leaves gross margin at 48.1%, approximately 10bps above guidance mid-point.

App Store performance was impacted by headwinds in mobile gaming and international policy changes.

While iPhone and Mac demand remain robust near term, advanced-node supply constraints, rising memory costs and service revenue growth headwind keep us sidelined. Reiterate Perform.”

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