Wall Street is growing more confident in Apple’s near-term outlook, supported by stronger-than-expected iPhone demand. Based on updated checks and industry data, top Evercore ISI analyst Amit Daryanani reiterated his Outperform rating on Apple (AAPL) and raised his price target to $330 from $325, implying about 25% upside from current levels.
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It is worth noting that Daryanani ranks 184 out of more than 10,000 analysts tracked by TipRanks. He has a success rate of 62%, with an average return per rating of 19.7% over a one-year timeframe.
Why the Analyst Is Raising Estimates on Apple
The five-star analyst said iPhone demand is coming in stronger than expected, leading him to raise his estimates for the December quarter. He now expects revenue of $140.5 billion and earnings of $2.71 per share, both above Wall Street forecasts of $137.3 billion and $2.66, with iPhone growth running ahead of Apple’s guidance for low double-digit growth.
The analyst also noted that Apple is mostly protected from higher memory costs in the near term, especially in the December and March quarters. As a result, stronger demand should flow through to profits rather than being offset by higher costs.
From a regional view, Daryanani sees solid iPhone demand in North America, China, and India, while Europe remains softer. He added that sales are shifting toward higher-end models, which supports better pricing and margins.
Looking ahead, the analyst said margins could face some pressure later in the year as contract negotiations continue, but he expects any impact to be manageable. Overall, he continues to see Apple as well positioned, supported by steady iPhone demand and favorable cost trends.
Is Apple a Buy or Sell Right Now?
Turning to Wall Street, analysts have a Moderate Buy consensus rating on AAPL stock based on 19 Buys, 11 Holds, and two Sells assigned in the past three months, as indicated by the graphic below. Furthermore, the average AAPL price target of $299.49 per share implies 15.62% upside potential.
