"Big Banks" Citigroup: Apple's last quarter performance exceeded expectations, rating "Buy"

AASTOCKS
2025.10.31 07:37

Citi published a research report indicating that Apple (AAPL.US) announced its quarterly results for the period ending in September, with revenue reaching $102.5 billion, an 8% year-on-year growth, exceeding market expectations; earnings per share were $1.85, with an overall gross margin of 47.2%, also surpassing market expectations.

Citi's focus during the Apple earnings call will be on global demand for the iPhone 17 series, particularly the performance in the Chinese market and views on the replacement cycle; growth momentum in the services business, and the impact of external payment policies in the App Store in the US and Europe; the current status and impact of tariff policies; the effect of tariffs and rising component prices on gross margins; potential implications of the Google antitrust ruling; progress on Apple Intelligence and major redesign plans for Siri.

Citi has set a target price for Apple at $245, or a valuation based on a 28 times price-to-earnings ratio, based on Citi's earnings per share forecast for fiscal year 2027, with a rating of "Buy."

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