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We're raising our price target on Apple after its big earnings beat and raise

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The consumer tech giant is as strong as ever, and we see positive catalysts ahead.

Apple did it again: Despite all the worries about China, the consumer tech giant hit back with beats on the top and bottom lines, sending shares up 6% in after-hours trading. This is why we own it. This is why we don't trade it. Apple's fiscal first quarter revenue hit $90.75 billion, down 4% from a year ago but ahead of the LSEG estimate of $90.01 billion. Earnings per share rose 1% to $1.53, a March quarter record, and exceeded the LSEG consensus estimate of $1.50. Gross margin was 46.

Tim Cook, chief executive officer of Apple Inc., arrives for opening ceremony of the new Apple Jing'an store on March 21, 2024 in Shanghai, China.did it again: Despite all the worries about China, the consumer tech giant hit back with beats on the top and bottom lines, sending shares up 6% in after-hours trading.

 

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