Apple added to ‘Tactical Outperform’ list at Evercore ISI

Evercore ISI added Apple (AAPL) to the firm’s “Tactical Outperform” list while keeping an Outperform rating on the shares with a $250 price target Apple is positioned to deliver an in-line quarter with continued emerging market growth and strength from Services and Wearables, the analyst tells investors in a research note. For the March quarter, the firm continues to expect a “stronger for longer” iPhone cycle that could drive growth ahead of seasonality, but notes that China “remains a key wildcard.” There has been some concern around industry data indicating iPhone weakness, which “could help lower expectations and enable to the stock to work on a weaker than expected guide,” contends Evercore. It believes the shifting of investor focus to the iPhone 17 and SE plus another “better than feared” China quarter should also add some “incremental positivity to the narrative around iPhone.”