- Morgan Stanley's Erik Woodring kept Overweight on AAPL and cut the price target from $355 to $350, citing strong product demand and pricing power against slowing Services growth.
- JPMorgan's Samik Chatterjee kept Overweight and cut the AAPL target from $360 to $355 while raising FY27 product revenue forecasts on Mac, iPad and iPhone pricing.
- Other revisions: Goldman Sachs cut to $380 from $390, Baird raised to $340 from $330, Barclays raised to $261 from $245 with a Sell rating, and UBS held Neutral at $296.
- Analysts flagged higher component costs, a temporary tariff benefit, and a high valuation that leaves limited room for error, with revenue growth expected to slow materially near term.
- Apple purchase obligations reportedly rose $33B q/q to $90B in 3QC26, largely driven by memory long-term agreements.
- Apple gross margin reportedly declined steadily, from 49.3% in QMar to 48.1% in QJun and 46.9% in QSep, with a 45.5% guide for QDec.
- A post reportedly said AI is accelerating disruption of Google search and that Apple's comments on weaker third-party licensing confirmed softness in search.
Quotes
“Memory alone is more than quarterly drop as improvements in other components offset by higher memory costs.”
Sources
- BREAKING $AAPL All New Price Targets After ER Morgan Stanley (Erik Woodring): Overweight, PT cut $355 → $350. Strong pro@MikeLongTerm
- AI's disruption of Google search is now accelerating. Apple's comment on last night's earnings call about third-party li@firstadopter
- Apple’s purchase obligations up $33B q/q to $90B in 3QC26, largely driven by memory LTAs. Apple specifically mentioned i@SKundojjala