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Investing.com - Evercore ISI has maintained its Outperform rating and $300 price target on Apple (NASDAQ:AAPL) while removing the stock from its Tactical Outperform list following the company’s September quarter earnings release. Apple currently trades at $271.55, with a price-to-earnings ratio of 41.28, according to InvestingPro data.
Apple shares have risen approximately 7.5% since being added to Evercore’s tactical list about two weeks ago, outpacing the S&P 500’s 2.6% gain during the same period, according to the research firm.
The iPhone maker reported solid September quarter results with revenue growing 7.9% year-over-year, including 15% growth in Services revenue. Apple’s total revenue reached $408.62 billion over the last twelve months. For the December quarter, Apple guided for overall revenue growth of 10-12%, projecting double-digit iPhone segment growth and low-teens Services growth.
Evercore noted that iPhone revenue strength is expected to be driven by strong demand for the iPhone 17 lineup and average selling price tailwinds. The firm also highlighted that Apple has successfully mitigated memory cost headwinds, which were a tailwind in the September quarter and are expected to have no impact in the December quarter.
Apple also guided for sequential gross margin improvement, though operating expense investments, particularly in research and development, will increase significantly due to artificial intelligence initiatives, while iPhone sales in China are expected to return to year-over-year growth in the fiscal first quarter after declining in the fourth quarter. Despite Apple’s strong financial health score of "GOOD" according to InvestingPro, the company appears overvalued based on Fair Value metrics. Investors seeking deeper insights can access Apple’s comprehensive Pro Research Report, one of 1,400+ detailed analyses available exclusively to subscribers.
In other recent news, Apple reported strong quarterly earnings, with iPhone revenue growing by 6% to $49.0 billion, although slightly below UBS’s estimate of $50.3 billion. UBS responded by raising its price target for Apple to $280 from $220, maintaining a Neutral rating. DA Davidson also increased its price target to $270 from $250 after Apple beat both top and bottom-line expectations in its fourth-quarter 2025 results. Meanwhile, Rosenblatt raised its price target to $250, citing the momentum of the iPhone 17 and noting that Apple’s fiscal first-quarter 2026 revenue guidance exceeded analyst forecasts.
Jefferies upgraded Apple’s stock rating from Underperform to Hold, raising its price target to $246.99 from $203.07, following a September quarter revenue growth of approximately 8%, which surpassed both Jefferies’ and consensus estimates. Baird further increased its price target to $300 from $280, maintaining an Outperform rating, after describing Apple’s fourth fiscal quarter results as solid. These developments reflect a positive outlook from multiple analyst firms regarding Apple’s recent performance and future prospects.
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