For the most part, Apple’s fiscal fourth-quarter results has analysts thinking the stock is primed for more gains going forward. The tech giant posted earnings and revenue that beat expectations, sending shares up nearly 2% in the premarket Friday. The beat was driven largely by strong demand for the iPhone 17, which launched in September. CEO Tim Cook also told CNBC that revenue for the company will increase by at least 10%, buoyed by the “off the chart” reception for the company’s new iPhone 17 devices. “We expect total company revenue to grow by 10 to 12% year over year, we expect iPhone revenue to grow double digits, year over year, and we expect that that would make the December quarter the best ever in the history of the company,” Cook said. The report and Cook’s comments led to several Wall Street shops hiking their price targets on the stock, including Evercore ISI, JPMorgan, and Goldman Sachs. To be sure, UBS kept its neutral rating and called for more modest upside ahead. Here’s what analysts at some of Wall Street’s biggest shops had to say on the report. Evercore ISI: keeps outperform rating, hikes target to $300 The firm raised its target from $290. This new forecast corresponds to upside of around 11%. “Net/net: Sticking with our OP rating and raising our target to $300, as we think AAPL remains well positioned to sustain mid/high single digit sales and low double digit EPS growth.” JPMorgan: overweight, raises rating to $305 JPMorgan’s target, raised from $290, calls for 12% upside going forward. “We are raising our revenue growth forecasts materially on the momentum of the product cycle, which we expect to sustain with the iPhone 18 series as well, and our earnings estimates rise too, powered by gross margin upsides, partly offset by higher operating expenses. Reiterate Overweight rating with a favorable multi-year product cycle and robust Services growth through an expanding installed base.” Morgan Stanley: overweight, raises price target to $305 Morgan Stanley lifted its price target from $298. “iPhone growth is accelerating, Services is outperforming, and AAPL is protecting GMs better than we expected. However, AI spending is driving R & D materially (+27%) higher in FY26. All-in, our OW thesis doesn’t change post-earnings as iPhone momentum keeps est revisions biased upwards.” Citi: buy, increases price target to $315 The bank lifted its price per share forecast from $245. Analyst Atif Malik’s forecast is 16% above Apple’s Thursday closing price. “Dec-Q sales guide of +10-12% y/y and implied EPS of $2.65 are above Street +6%/$2.54. Greater China sales are expected to be up y/y in the Dec-Q and services +14% providing a relief to investors’ concerns on both. GM guide of 47.5% or +30bps assumes $1.4B tariff, reduction in China tariff to 10% from 20%, and no impact from rising commodity (memory) prices. We adjust our FY26/27 EPS +48c/+62c on stronger iPhone demand and lift TP to $315 or 33x P/E vs prior 28x to reflect continued services growth momentum on revised CY27 EPS. Fundamentally, we see 2026 as a better product cycle year for Apple with a trio of product launches (Advanced Siri, Foldable Phone, Vision Pro 2).” Goldman Sachs: buy, increases price target to $320 Goldman Sachs’ new forecast, up from $279, implies upside of 18% ahead. “Strong underlying iPhone demand continuing into F2026, Services growth accelerating. AAPL’s F4Q25 EPS beat as a beat in Services more than offset a miss in iPhone; however, iPhone demand was very strong with the iPhone revenue miss in the quarter driven by supply constraints with channel inventories down qoq. The strong underlying demand was supported by a better-than-expected F1Q26E revenue growth guidance of 10-12% yoy including DD% yoy iPhone revenue growth and ~14% yoy Services revenue growth.” Bank of America: buy, $325 Bank of America’s target calls for 20% upside going forward. “We remain bullish on shares of Apple heading into 2026 given (1) iPhone upgrades are tracking better than expected, (2) gross margins continue to move higher despite commodity headwinds, (3) March qtr should see even better GMs as tariffs abate further and mix shifts to Services, (4) AI enabled Siri will be available in 2026 and (5) A foldable iPhone is expected in Sep 2026. In our Oct 29 note, we laid out our 5-Year expectations for Apple’s rev/earnings power where EPS could grow in the mid-teens through 2030. Reiterate Buy on strong capital returns, eventual winner on AI at the edge and optionality from new products/markets.” UBS: neutral rating, raises price target to $280 Analyst David Vogt’s new target, raised from $220, implies about 3% upside ahead. “Apple reported a solid qtr led by 6% iPhone rev growth or $49.0B, slightly below our $50.3B est. However, rev was held back as supply constraints impacted iPhone in the qtr. Given a series of intra-quarter checks around build rates and promotional activity that suggested strong demand, constraints appear have pushed some sale into the Dec qtr with the company expecting iPhone rev to be up ‘double-digits’ with constraints spilling into the Dec qtr as well. Solid demand for iPhone along with expected ~14% ‘Services’ growth in Dec, drives total company expected rev growth of 10%-12% in Dec.”
