Apple, Inc. (NASDAQ:AAPL) reported strong fourth-quarter results on Thursday, delivering record sales in both iPhone and Services and showing solid underlying demand.
Here's a breakdown of the results and outlook for Apple from several leading analysts.
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JPMorgan maintained an Overweight rating and bumped Apple's price target from $290 to $305.
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JPMorgan analyst Samik Chatterjee pointed to iPhone 17 momentum driving the better-than-expected revenue and margin outlook and noted that Apple's management showed more confidence than in recent years due to upcoming launches and new AI features.
The note also mentioned that Services revenue growth had picked up to 15% year-over-year, setting records and helping calm worries about regulatory issues as the installed base grew.
Goldman Sachs kept its Buy rating and boosted Apple's price target from $279 to $320.
Goldman analyst Michael Ng highlighted strong iPhone demand, even though revenue missed slightly due to supply issues, and noted that Apple's guidance called for double-digit iPhone and 14% Services growth.
The report also said gross margin was strong at 47.2% due to a favorable product mix and Apple's own technologies, and that R&D and AI investments would support new products, even if they kept margins from rising as quickly.
BofA Securities maintained a Buy rating and raised Apple's price target from $320 to $325.
BofA analyst Wamsi Mohan sees Apple as set for more growth into 2026, thanks to brisk iPhone sales, solid gross margins that held up against tariffs and more focus on AI.
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The firm is optimistic about Apple as an "eventual winner on AI at the edge."
He added that BofA upped its earnings forecast and target price after seeing likely higher margins and revenue from Services, while also noting that higher spending—mainly for AI—would absorb some of the margin gains.
D.A. Davidson maintained a Neutral rating and raised Apple's price target from $250 to $270.
D.A. Davidson analyst Gil Luria said that although Apple topped expectations for both revenue and profit, iPhone sales grew at a slower year-over-year pace.
Luria also pointed out that Apple's costs were rising as it spent more on AI and Apple Intelligence, but margins for the next quarter were still strong at 47–48% despite a $1.4 billion tariff expense.
Rosenblatt maintained a Buy rating and increased Apple's price target from $275 to $310.
Rosenblatt analyst Barton Crockett expects new features like advanced AI and foldable phones will keep customers interested in future upgrade cycles. The analyst also sees Apple's core businesses holding up well in the future, despite higher AI spending and tariffs.
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