Apple on pace for best day since 2022 after earnings beat, $110 billion stock buyback

The iPhone maker announced on Thursday it would repurchase $110 billion of its shares, the biggest buyback in history.and the largest-ever stock buyback program. If the gains hold until the market closes, it will be the best day for Apple shares since Nov. 30, 2022., surpassing Apple's prior repurchases. The company posted earnings of $1.53 per share on revenue of $90.75 billion, exceeding analysts' estimates of earnings of $1.50 per share on revenue of $90.01 billion, according to LSEG.

Analysts at Bank of America reiterated their buy rating of Apple stock — calling it a top pick — and raised their price target to $230 from $225 in a Friday investor note, writing that they expect the company to roll out generative artificial intelligence features for the iPhone this year. JPMorgan analysts, maintaining an overweight rating, lifted their price target for Apple to $225 from $210 on Thursday, pointing to "resilient" year-over-year iPhone revenues and "expectations of an upgrade cycle-led tailwind in iPads" ahead of Apple's

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Apple dominated Wall Street's buyback business even before its latest $110 billionIn the last 12 months, Apple bought back $84.5 billion in stock, far more than any other company in the S&P 500.
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