Wedbush spotlighted an Outperform rating for Apple (NASDAQ:AAPL), with a $350.00 12-month price target, after the iPhone maker posted FY2Q26 results that outperformed consensus, with analyst Dan Ives taking a bullish view.
Ives says the beat was driven by stronger-than-expected iPhone and Services revenue and a pronounced rebound in China, a core region for the iPhone maker and services-heavy technology group, forming the basis of Wedbush’s positive view.
Apple, on 30 April, reported total revenue of $111.18 billion, up 17% year-on-year and ahead of Wall Street’s $109.46 billion estimate and the company’s guidance of 13%-16% y/y.
With iPhone sales of $57.00 billion (up 22%), Services at $30.98 billion, China revenue of $20.50 billion (up 28%), gross margin of 49.3%, operating margin of 32.3%, earnings per share (EPS) came in at $2.01, versus the market consensus forecast of $1.95.
The Wedbush note flags guidance detail and the planned CEO succession, with John Ternus set to replace Tim Cook on September 1, among the next catalysts to watch.
