Analysts up price targets after Apple posts record quarterly revenue

Apple shares surged in early Friday trading after the company reported a record-breaking first quarter and provided an optimistic outlook for iPhone sales. This performance led to numerous Wall Street analysts adjusting their price targets. Apple announced its highest-ever quarterly revenue, reaching $124.3 billion for the fiscal first quarter ending in December.
Martin Baccardax for TheStreet:
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“We saw that in markets where we have rolled out Apple Intelligence, the year-over-year performance on the iPhone 16 family was stronger than those where Apple Intelligence was not available,” Cook told investors on a conference call late Thursday.
“Apple Intelligence opens up an exciting new frontier and is already elevating experiences across iPhone, iPad, and Mac,” Cook added.
Apple also posted a record bottom line of $2.4 per share… “Apple Intelligence is clearly benefiting iPhone growth in regions/countries where it is available,” said D.A. Davidson analyst Gil Luria. “And while it is still being rolled out slower than initially anticipated, new regions will have their hands on Apple Intelligence soon, along with new features for existing users.”
“And so while iPhone growth came in lower than expected, we remain optimistic on the outlook for iPhone upgrades as Apple Intelligence is proving to be a compelling reason for users to buy a new smartphone,” said Luria, who lifted his price target by $30 to $290 per share following last night’s update.
Citigroup analyst Atif Malik, who lifted his stock price target by $20, taking it to $275 per share following last night’s update, said Apple Intelligence is “demonstrating its upgrade potential.”
Wedbush analyst Dan Ives, a longtime Apple bull, held his ‘outperform’ rating and $325 price target in place after last night’s earnings, which he called “a clean quarter for Apple that marks the beginning of a multiyear upgrade cycle from iPhone 16 to iPhone 17.”

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