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On Wednesday, Barclays (LON:BARC) analyst Tim Long revised the price target for Apple Inc. (NASDAQ:AAPL) shares to $173.00, a decrease from the previous target of $197.00. Despite the adjustment, the firm maintains an Underweight rating on the stock. According to InvestingPro data, Apple currently trades at $211.21, with analysis indicating the stock is overvalued at current levels. The company maintains a strong market position with a $3.17 trillion market capitalization and trades at a P/E ratio of 33.5. Long’s commentary suggests an increase in the estimated iPhone units for the March quarter by 1 million to 52 million, following indications of a pull-in of iPhone orders. The analyst also noted a potential increase in builds for April due to inventory pull-in, with expectations of 45 million iPhone builds for the June quarter, which includes an estimated 9 million for the 16e model within the same quarter.
The analysis further suggests that the June quarter iPhone unit forecast of 49 million aligns with Barclays’ current model and exceeds the consensus on Wall Street. Long anticipates that the increased activity in April may be balanced out by weaker results in May and June, leaving the June quarter estimate unchanged despite prevailing uncertainties. InvestingPro data shows Apple’s robust financial performance, with revenue of $395.76 billion and an impressive gross profit margin of 46.52%. For investors seeking deeper insights, InvestingPro offers 10+ additional tips about Apple’s financial health and market position. Additionally, the analyst predicts a stronger than usual seasonal performance for the SE model in June.
Barclays has also reduced its September quarter and fiscal year 2026 unit estimates for iPhones, citing a potential slowdown in demand, the possibility of price increases, and a delay in the adoption of AI Intelligence due to a postponed Siri update. The firm is similarly lowering its second half of 2025 unit forecasts for economically sensitive products like wearables and AirPods, which may be impacted by demand fluctuations, macroeconomic slowdowns, and potential price hikes.
The report also highlights a shift in foreign exchange impacts, with a softer dollar providing a tailwind that added approximately two percentage points to Apple’s top-line revenue for the March quarter. Looking ahead to the June quarter, gross margin (GM) remains an uncertain factor, with potential headwinds from tariffs, although other factors might provide some balance.
In conclusion, Long suggests that Apple could project moderate year-over-year growth for the June quarter while incorporating a degree of caution to account for the unpredictable trade policy environment. He also indicates that Apple might choose to refrain from providing any outlook comments due to these uncertainties. InvestingPro’s comprehensive analysis shows the company maintains a "GOOD" Financial Health Score of 2.76, reflecting its strong market position. Discover detailed valuation metrics, growth projections, and expert analysis in the full Pro Research Report, available exclusively to InvestingPro subscribers.
In other recent news, Apple has been at the center of several significant developments. Raymond (NSE:RYMD) James has adjusted its financial outlook for Apple, reducing the company’s price target to $230 due to concerns over tariff-related challenges that could impact earnings per share in fiscal years 2025 and 2026. Despite these challenges, the firm maintained its Outperform rating. Meanwhile, Morgan Stanley (NYSE:MS) has raised its price target for Apple to $235, citing the company’s strong free cash flow and growth in its Services segment as undervalued compared to other megacap stocks. The firm maintains an Overweight rating and anticipates that the stock could reach this new target over the next year.
Additionally, Apple has announced plans to shift its U.S. iPhone assembly to India, responding to the ongoing trade tensions with China. This strategic move aims to reduce the company’s reliance on China amidst tariff pressures. In terms of earnings, analysts have revised their estimates, with revenue for March 2025 increased to $96.3 billion due to strong iPhone demand, while June 2025 EPS estimates have been adjusted to account for tariff costs. Apple’s Mac segment reported a 7% year-over-year growth, and its Services are believed to have experienced double-digit growth. These developments highlight Apple’s ongoing strategies to navigate geopolitical challenges and maintain its market position.
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