A standout quarter for Apple Inc. has analysts wondering whether we’ve seen peak Apple—or whether the smartphone giant is still “early” in its journey of smartphone dominance.
Though Long boosted his price target to $142 from $134 after the report, he kept an equal-weight rating “mainly on headwinds sustaining current demand levels including [the iPhone 13] cycle, tougher comps on Mac/iPad, regulatory overhang as well as fair valuation.” Suva noted that his estimates and consensus figures “will materially move higher” after the report and commentary. He maintained a buy rating and $170 target price on Apple’s stock.
Apple’s strong results were “atypical” for what’s usually the company’s weakest quarter of the year, wrote Jefferies analyst Kyle McNealy, in what could be a more broadly positive sign for the company.