Apple (AAPL)

Outperform Recap: Q2 FY26

Best March Quarter Ever Meets a Clean Tape — but a CEO Handoff and the End of Net-Cash-Neutral Reset the Watch List; Maintaining Outperform

Outperform Recap: Q1 FY26

Best Quarter Ever: iPhone +23%, Greater China Inflects +38%, and a Margin Above Guide Broaden the Bull Case — but a Near-Flat Tape Keeps This a Measured Outperform

Outperform Recap: Q4 FY25

The Fall Catalyst Lands: iPhone 17 Sells Out, Margins Beat the Guide, and a “Best Quarter Ever” December Resolves the Hold — Upgrading to Outperform

Hold Recap: Q3 FY25

A Beat the Tape Refused to Reward: June-Quarter Records Everywhere, but the AI Gap and the Tariff Ramp Cap the Re-Rate — Initiating at Hold