Apple (AAPL)

Outperform Recap: Q1 FY26

iPhone +23% and Greater China +38% Crush the +10–12% Guide That Anchored Our Q4 Upgrade — Maintaining Outperform

Outperform Recap: Q4 FY25

Services Hits $28.8B All-Time High, iPhone 17 Supply-Constrained, December Guide of +10–12% Y/Y Reframes the Forward Setup — Upgrading to Outperform from Hold

Hold Recap: Q3 FY25

Clean Beat Across the Board, Greater China Returns to Growth, Services Hits an All-Time High — Initiating Coverage at Hold on Tariff Step-Up and Full Valuation