Apple Inc. – Great earnings shadowed by rising memory cost

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Apple Inc. reported strong Q2 2026 earnings, with revenue and PATMI exceeding expectations, driven by significant growth in iPhone and the China market. The company anticipates continued strong demand for iPhone 17 and MacBook, but warns of rising memory costs as a potential margin headwind. Phillip Securities Research maintains a “NEUTRAL” recommendation, increasing the target price to US$280 due to strong iPhone 17 growth while acknowledging that sustained product-led growth and successful AI integration will be crucial for valuation.

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