Apple upgraded to Sector Weight from Underweight at KeyBanc

KeyBanc analyst Brandon Nispel upgraded Apple (AAPL) to Sector Weight from Underweight without a price target Last Friday’s announcement of exception from tariffs on smartphones is probably the best case scenario for Apple, which makes it unlikely KeyBanc’s prior downside call will be achieved, the analyst tells investors in a research note. The move “takes a big risk off the table” for the company, contends KeyBanc. The firm does not think Apple is fully “out of the woods, however, saying growth expectations remain high looking to fiscal 2026 and there is likely still consumer spending pullback occurring. Nonetheless, KeyBanc believes the worst case scenario of continuing “tit-for-tat” trade war escalation is likely no longer in play, making it difficult to argue for further downside in Apple shares.