Key insights
- Bernstein reiterated an outperform rating on Apple, citing strong iPhone demand with global revenue up 13% YoY in March. Apple gained market share in Q1, becoming the unit share leader. However, average selling prices were weaker than expected. Evercore ISI projects Apple's earnings to be in line or slightly above consensus, driven by iPhone demand and China sales. TD Cowen also reiterated a Buy rating, expecting strong revenue growth. This positive outlook suggests a bullish signal for Apple and potentially the broader tech sector.
Investing.com - Bernstein SocGen Group reiterated an Outperform rating and $340.00 price target on Apple (NASDAQ:AAPL). The stock currently trades at $271.06, near its 52-week high of $288.62, though InvestingPro data suggests the shares may be overvalued relative to its Fair Value estimate.
Global iPhone sell-through revenue grew 13% year-over-year in March, with unit volumes up 10% year-over-year and strength across all regions. iPhone revenue for the first calendar quarter of 2026 increased 15% year-over-year, with units up 12% year-over-year and sell-in shipments up 6% year-over-year.
The launch of the iPhone 17e helped unit sales but pressured average selling prices. The iPhone 17e is outselling the 16e by 4% when adjusted for days on sales, in addition to continued sales of the iPhone 16e.
Apple gained market share during the first calendar quarter of 2026 as global smartphone shipments fell 6% year-over-year while Apple shipments rose 6% on a sell-in basis and 10% on a sell-through basis. This drove Apple to first place in unit share for the first calendar quarter for the first time.
Average selling prices came in weaker than expected, still up year-over-year but down month-over-month, as growth was helped by the release of the iPhone 17e plus continued sales of the 16e. With earnings just three days away on April 30, investors can access deeper insights through InvestingPro, which offers 13 additional ProTips for Apple.
In other recent news, Apple Inc. is preparing to release its earnings report, with Evercore ISI projecting results in line with or slightly above consensus estimates. The firm anticipates revenue of $109.2 billion and earnings per share of $1.94 for the March quarter, driven by a strong iPhone 17 cycle and demand in China. TD Cowen also reiterated a Buy rating, expecting Apple to report a 15% year-over-year revenue growth for the March quarter. They foresee a 10% revenue increase for the June quarter, citing iPhone and MacBook Neo sales as key factors. Meanwhile, Raymond James maintained a Market Perform rating amid Apple’s CEO transition, with John Ternus set to replace Tim Cook as CEO in September 2026. Needham reiterated a Hold rating, reflecting on Cook’s impactful tenure in enhancing Apple’s operational efficiency. Additionally, Apple’s shares experienced a slight dip following reports of OpenAI collaborating with Qualcomm and MediaTek on smartphone processors. These developments offer insights into Apple’s current market positioning and future prospects.
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