Top Evercore analyst Amit Daryanani reiterated a Buy rating on Apple (AAPL) stock with a price target of $330 ahead of the iPhone maker’s December quarter (Q1 FY26) earnings on January 29. Notably, Apple remains Evercore’s “TOP PICK” for calendar year 2026, as the investment firm believes that the tech giant is well-positioned to maintain mid-to-high single-digit revenue growth and double-digit earnings per share (EPS) growth. These optimistic estimates are backed by a solid product refresh cycle.
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Meanwhile, Wall Street expects Apple’s Q1 FY26 EPS to grow by 11.3% to $2.67. Also, revenue is projected to grow by more than 11% to $138.32 billion.
Top Evercore Analyst Is Bullish About Apple’s Q1 Earnings
Daryanani stated that he has a favorable view of Apple stock ahead of the company’s Q1 FY26 earnings, as checks by his firm and industry data points indicate near-term upside to Wall Street’s estimates, driven by robust iPhone demand and a “minimal” headwind from memory costs. The analyst expects Apple to deliver Q1 FY26 revenue and EPS of $140.5 billion and $2.71, respectively, with both estimates above the Street’s projections.
Furthermore, Daryanani expects iPhone sales to lean more towards higher-end models, boding well for ASPs (average selling prices). The 5-star analyst expects 17% year-over-year growth in Q1 FY26 iPhone revenue. Despite subdued App Store data owing to weaker gaming revenue in Asia and tougher year-over-year comparisons, Daryanani still expects double-digit (13%) growth in Q1 FY26 Services revenue, fueled by faster growth in other parts of this segment. In this regard, the analyst highlighted that a strong iPhone product cycle generally suggests higher warranty sales.
About the impact of rising memory prices, Daryanani believes that Apple is “more insulated” in Q1 and Q2 FY26 due to long-term agreements that secured NAND supply and pricing, with the related gains expected to reflect in earnings. The analyst expects Apple’s Q1 FY26 gross margin to be in line with the Street’s estimate at 47.6% and Q2 FY26 gross margin forecast of 47.8% to surpass the consensus estimate of 47.3%. However, Daryanani anticipates that Apple’s gross margin in the second half of FY26 will be slightly affected by higher memory pricing. Nonetheless, his full-year FY26 revenue and EPS forecasts of $457.3 billion and $8.40, respectively, are above the Street’s estimates at $451.7 billion and $8.20.
Is AAPL Stock a Buy or Sell Right Now?
Currently, Wall Street has a Moderate Buy consensus rating on Apple stock based on 19 Buys, 11 Holds, and two Sell recommendations. The average AAPL stock price target of $298.49 indicates 19.2% upside potential. Apple stock is down about 8% so far this year.
