Raymond James Resumes Apple (AAPL) at Market Perform

Raymond James analyst Srini Pajjuri resumes coverage on Apple (NASDAQ: AAPL) with a Market Perform rating.

The analyst comments: "We are resuming coverage of Apple with a Market Perform rating. Despite strong fundamentals and improving product cycles, we believe Apple’s current valuation appropriately reflects these strengths, limiting near-term upside. While we acknowledge the company’s leadership in consumer hardware, ecosystem, and services, with a highly sticky value proposition, we believe much of this value is already well understood by investors. Further, given the broad user base (now ~2.4 billion), we believe incremental gains from technology upgrade cycles will become more difficult to attain, much less move the needle. The relative success of the iPhone 17 refresh cycle has likely driven much of the recent share gains, and while we don’t discount the value generated by this growth (likely exceeding $217 billion in CY25), with a valuation several turns above the 5-year average P/E, we remain on the sidelines at this time."

For an analyst ratings summary and ratings history on Apple click here. For more ratings news on Apple click here.

Shares of Apple closed at $271.86 yesterday.

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