Needham keeps a Buy rating and $260 price target on Apple (AAPL) but lowers the firm’s FY25 EPS view by 4c to $7.32 and its FY26 view by 11c to $8.15 after the company’s Q1 results and guidance. The quarter’s positives included a new record in active devices at 2.35B, 14% Services revenue growth, and 15% in iPad revenue growth, with markets that offer Apple Intelligence growing faster than markets without it, the analyst tells investors in a research note. Needham adds however that the negatives included a 1% decline in iPhone revenue and a 11% decline in China revenue.
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