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.”

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