Artem Voloskovets
⬤ Raymond James has resumed analyst coverage of Apple Inc. (NASDAQ: AAPL), assigning a Market Perform rating to the stock. The firm recognizes Apple's strong position in consumer hardware, its robust ecosystem, and expanding services division, but believes the current stock price already captures these positives. In pre-market trading, AAPL was changing hands near $273.19, up 0.49% from the previous close of $271.86.
⬤ The analysts pointed to Apple's massive scale, with an estimated 2.4 billion active devices worldwide. While this installed base drives consistent upgrade cycles and services revenue, it also makes meaningful growth harder to come by as the user base matures. The recent stock gains likely reflect market excitement around the upcoming iPhone 17 cycle. Trading at several turns above its five-year average P/E ratio, Apple's valuation appears to already factor in much of the expected growth ahead.
⬤ Apple maintains its position as the premium leader in consumer technology, with strong user engagement spanning both hardware and services. The firm projects Apple could generate over $217 billion in revenue during calendar year 2025 from new product launches. "The balance between valuation and forward growth expectations could moderate near-term performance," the analysts noted, explaining their neutral stance rather than a buy recommendation.
⬤ The rating comes as mega-cap tech stocks continue driving broader market direction. For Apple, the Market Perform view signals that while the company's operations remain healthy, the stock's current pricing may limit short-term gains. Investors will be watching product innovation, upgrade momentum, and how Apple's services business continues to expand.
Artem Voloskovets
