Investment bank Raymond James resumed coverage of Apple and gave it a rating of “in sync with the market.” The bank believes that Apple's current valuation fully reflects its fundamentals, so the stock price lacks room to significantly outperform the market in the short term. The bank notes that the iPhone 17 switching cycle is a key driver of recent stock price performance. Thanks to the generative AI features on the device, higher storage configurations, and the full range of ProMotion technology, iPhone revenue is estimated to be around US$217 billion for the 2025 calendar year, slightly higher than the market consensus of US$214 billion; iPhone shipments are expected to increase by about 4% per year to about 238 million units in 2025. In terms of financial forecasting, Raymond James expects revenue for fiscal year 2026 to be approximately US$45.8 billion, GAAP earnings per share of US$8.19; revenue for fiscal year 2027 is approximately US$48.4 billion.

Investment bank Raymond James resumed coverage of Apple and gave it a rating of “in sync with the market.” The bank believes that Apple's current valuation fully reflects its fundamentals, so the stock price lacks room to significantly outperform the market in the short term. The bank notes that the iPhone 17 switching cycle is a key driver of recent stock price performance. Thanks to the generative AI features on the device, higher storage configurations, and the full range of ProMotion technology, iPhone revenue is estimated to be around US$217 billion for the 2025 calendar year, slightly higher than the market consensus of US$214 billion; iPhone shipments are expected to increase by about 4% per year to about 238 million units in 2025. In terms of financial forecasting, Raymond James expects revenue for fiscal year 2026 to be approximately US$45.8 billion, GAAP earnings per share of US$8.19; revenue for fiscal year 2027 is approximately US$48.4 billion.