Apple upgraded to Hold at Jefferies after ‘strong’ Q1 guidance

As previously reported, Jefferies upgraded Apple (AAPL) to Hold from Underperform with a price target of $246.99, up from $203.07, after September quarter revenue grew about 8% and gross margin came in at 47.2%, or about 0.5% better than expected including a $1.1B tariff. “Strong” fiscal Q1 guidance for 10%-12% revenue growth and hope for the iPhone 18 Fold will likely limit downside, the analyst tells investors.