Apple Q1 revenue outlook below sell-side consensus, says JPMorgan

JPMorgan says Apple’s (AAPL) fiscal Q4 results and guidance suggested that momentum for its hardware products “remain healthy and resilient.” However, it is tougher to forecast for the holiday quarter where a majority of the sales are concentrated over a single month leading to a wider range of outcomes embedded in the guidance than typical, the analyst tells investors in a research note. The firm says Apple’s Q1 guidance range is below the sell-side consensus estimate of 7% year-over-year revenue growth, but based on its latest conversations only modestly shy of more recent investor expectations for growth in and around the mid-single digit range given the slower start to the iPhone 16 cycle. It maintains an Overweight rating on the shares with a $265 price target