Bernstein SocGen Group renewed its Outperform rating on Apple Inc. (NASDAQ:AAPL) and maintained a $325.00 price target, according to a research note published Monday. The firm framed its stance around recent quarterly results, management guidance, supply-side headwinds and a strategic AI collaboration.
Apple reported fiscal first-quarter 2026 revenue of $143.8 billion and earnings per share of $2.84, beating analyst expectations of $138.4 billion in revenue and $2.67 in EPS. Total revenue rose 15.7% year-over-year. The company said iPhone revenue reached $85.3 billion, a 23% year-over-year increase, while Services revenue expanded 13.9%.
Looking ahead, Apple guided for revenue growth of 13-16% year-over-year in the second quarter of fiscal 2026. That range aligns closely with Bernstein SocGen’s modeled growth rate of 14.6%. Apple also signaled an expected increase in gross margin to 48-49%, which the analyst firm noted would exceed its own forecast of 47.2% and the consensus estimate of 47.8%.
In its research note, Bernstein SocGen called attention to Apple’s confirmed partnership with Google on AI models. The firm described the collaboration as a combination of Apple’s on-device foundational models with Google’s Gemini models, and flagged an upgraded Siri - expected later this year - as a potential catalyst for the stock.
The analyst also emphasized Apple’s ability to navigate recent industry headwinds. Bernstein SocGen said Apple has handled record memory price hikes and potential shortages better than peers, and reiterated that demand for the iPhone 17 remains strong.
Apple’s quarterly results and updated guidance prompted a range of responses from other brokerages and banks. Evercore ISI removed Apple from its tactical outperform list. DA Davidson kept a Neutral rating and assigned a $270 price target. TD Cowen reiterated a Buy rating with a $325 price target, citing possible upside from AI-enabled Siri improvements and healthy revenue projections. JPMorgan raised its price target to $325, citing robust margins while maintaining an Overweight rating. KeyBanc Capital Markets maintained a Sector Weight rating and highlighted Apple’s performance metrics, including an 18% increase in earnings per share.
These varied analyst reactions reflect differing interpretations of Apple’s latest financials, margin outlook and strategic initiatives. Bernstein SocGen’s note focuses on revenue strength, margin upside and the potential for AI-driven user experience gains as the primary justifications for its Outperform rating and $325 target.
Investors and industry observers will likely watch execution on AI integration, gross-margin realization relative to guidance, and supply-chain developments - particularly memory pricing and availability - as key near-term signals for the company.
Summary
Bernstein SocGen reiterated an Outperform rating and a $325 price target on Apple after fiscal Q1 results that beat estimates. The firm pointed to strong iPhone sales, ambitious margin guidance and a new AI partnership with Google as central reasons for its positive outlook, while noting Apple is handling memory price pressures and shortages better than some competitors.