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Apple's Portfolio of iPhone, Refreshed Macs 'Solidly Resonated' With Customers in March Quarter, UBS Says

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Apple's (AAPL) portfolio of iPhone and refreshed Macs "solidly resonated" with customers during the March quarter, driving broad-based revenue upside for fiscal Q2, UBS said in a note emailed Friday.

With Apple guiding June quarter gross margin in the range of 47.5% to 48.5%, compared with UBS estimate of 47.1%, both the March and June quarter gross margins benefit from a smaller tariff impact and carried inventory that mitigates higher sequential memory costs, according to the note.

UBS raised its fiscal 2026 and 2027 earnings per share estimates to $8.72 and $9.57 from $8.46 and $9.28, respectively.

UBS lifted its price target to $296 from $287 on Apple's stock and maintained its neutral rating.

Price: $280.47, Change: $+9.12, Percent Change: +3.36%

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