Apple's Fiscal 2027 Earnings Face Downside Risks From Slower Growth, Oppenheimer Says

MT Newswires Live01:07

Apple's (AAPL) fiscal 2027 earnings face "downside risk" from slower iPhone and Services growth, memory inflation and compressing margins, Oppenheimer said in a Monday report.

The firm forecasts fiscal 2027 earnings per share of $8.91, about 7% below consensus, and said the "more consequential debate" is the company's earnings trajectory next year. The iPhone Duo is expected to support 6% iPhone revenue growth, but the firm said a "premium mix" does not guarantee stronger margins or incremental unit growth.

For fiscal Q4, Oppenheimer forecasts revenue of $112.9 billion and earnings of $1.96 per share, compared with FactSet consensus estimates of $113.4 billion and $1.99, respectively.

The investment firm also sees Services headwinds from slower App Store spending growth, regulatory pressure on commissions and slowing Google search growth at Alphabet (GOOGL, GOOG), while higher Dynamic Random-Access Memory and NAND costs could weigh on product margins, according to the report.

Apple's valuation is near the top of its 15-year forward price-to-earnings range, and the firm said it already demands "more durable growth" than it expects.

Oppenheimer reiterated its perform rating on Apple.

The company's shares were down 1.4% in Monday afternoon trading.

Price: 339.55, Change: -5.08, Percent Change: -1.47

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