Raymond James Reiterates Market Perform on Apple
Raymond James analyst Melissa Fairbanks reiterated a Market Perform rating on Apple (NASDAQ: AAPL).
“We reiterate our Market Perform rating on Apple following June quarter results that exceeded expectations, though underlying margin trends were more modest as tariff refunds offset a meaningful portion of the increase in memory costs.
Demand continues to surprise to the upside, led by another quarter of better-than-expected iPhone growth and accelerating Mac demand.
Positively, Greater China remained a standout, reinforcing our view that the current iPhone cycle remains healthy.
September guidance came in modestly below consensus, reflecting FX headwinds (~250 bp), tighter supply constraints, and continued memory cost inflation.
Management attributed the softer September outlook to supply limitations, rather than weaker demand, noting that better-than-expected demand for iPhone and Mac exceeded internal expectations and planned supply.
While we remain encouraged by Apple’s expanding installed base and durable Services business, we continue to view the current risk-reward as balanced and would look for improved visibility around supply normalization and easing memory costs before becoming more constructive.”
The price target and rating on this page are the opinion of the issuing research firm and its analyst, not of Price Target. This page is published for informational purposes only and is not investment advice, a recommendation, or an offer to buy or sell any security. Past performance does not guarantee future results. Consider your own circumstances and consult a licensed financial adviser before making investment decisions.
This research note is reproduced verbatim from the issuing firm. Price Target never edits, paraphrases or alters analysts’ words — we only republish them in one place.
