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Sell-side on Apple (AAPL): Shares see two-way trade despite stellar Q1 report as shares see numerous PT upgrades

The mixed reactions in analyst ratings following Apple's Q1 report reflect a complex outlook for the company.

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Sell-side on Apple (AAPL): Shares see two-way trade despite stellar Q1 report as shares see numerous PT upgrades

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  • JPMorgan raises PT to USD 325 (prev. 315) and keeps an ‘Overweight’ rating; notes the Q1 figures and outlook "should calm investor nerves" around GM impact from higher memory prices and a Services slowdown. JPM adds record product GMs in Q1 and an implied Q2 record product gross margin should help reassure investors.
  • Citi maintains PT at USD 315 and ‘Buy’ rating; reported a "beat and raise" and its March quarter GM outlook of 48-49% is above the 47.3% estimates despite higher memory component prices. But, AAPL did not comment on FY memory price impact, which explains the move lower in shares. Continues to recommend the stock on the Advanced Siri and iPhone 18 foldable product cycles in 2026.
  • Rosenblatt raises PT to USD 267 (prev. 250) and keeps a ‘Neutral’ rating; said demand for iPhones in Q1 "blew past" Apple's guidance and production capacity.
  • Barclays raises PT to USD 239 (prev. 230) and keeps an ‘Underweight’ rating on the shares; echoed familiar comments re. strong results & Greater China strength, adding Apple guided Q2 up for revenues and GM, although supply constraints are limiting iPhone upside. Barclays sees "increasing risk from memory market dynamics, China corrections, as well as regulatory and competitive pressures."
  • Needham maintains ‘Hold’ rating; Says the quarter was "strong", but shares aren't moving because investors are worried about the Co. subcontracting its AI future to Alphabet and Gemini as well as margin compression in FY26 from rapidly rising memory and NAND costs.
  • Goldman highlights strong Q metrics and guidance, but adds supply constraints on 3nm chips may delay iPhone 18 base and iPhone Air 2 launches to Spring 2027. Record GMs and higher OpEx reflect investments in AI and new products, supporting the pipeline's long-term growth potential, though cost inflation remains an overhang.
Context

While several firms are raising price targets based on strong earnings and margins, concerns around supply constraints and the impact of rising component costs indicate that some investors remain cautious, potentially limiting share price momentum. The contrast between optimistic revenue forecasts and worries about future margins highlights the balancing act for Apple amidst competitive and regulatory pressures.

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