Key Takeaways:
- Apple Q3 revenue reached $109.4B, up 16% YoY, beating consensus by $766M
- iPhone revenue rose 22% to $54B; Mac surged 29% to $10.4B
- Daiwa raised its price target to $335 from $325, maintaining Outperform
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Daiwa lifts Apple target to $335 as Q3 revenue hits $109.4B
Apple reported fiscal Q3 revenue of $109.4 billion, up 16% year over year and $766 million above consensus, with EPS of $2.02 beating by $0.13.
"Demand for iPhone, Mac and iPad was strong, and the company could not secure enough advanced-node system-on-chip supply to meet it," Daiwa said in a report dated Aug. 11, citing Apple management. "Internal teams acknowledged underestimating demand growth."
iPhone revenue rose 22% to $54 billion, Mac climbed 29% to $10.4 billion, and Services grew 12% to $30.7 billion. Excluding roughly $0.11 per share in tariff refunds, adjusted EPS came to about $1.91, just $0.02 above expectations.
Daiwa maintained its Outperform rating and raised its price target to $335 from $325, implying 35 times fiscal 2027 earnings. The firm turned cautious on fiscal 2027, citing the unprecedented 21% iPhone growth in fiscal 2026, September price increases, and rising memory costs.
The supply constraints Apple flagged align with a broader DRAM shortage reshaping hardware markets. Analyst Ming-Chi Kuo said Aug. 10 that Apple is scaling back 2026 shipment plans because of memory constraints, with the Mac Studio, Mac mini, and MacBook Air already affected. Apple raised prices across Macs, iPads, Apple TV, HomePod, and Vision Pro in June, citing higher memory and storage costs.
The memory shortage traces to AI data center demand. Memory makers are routing a growing share of DRAM and NAND production to hyperscalers such as Microsoft, Google, Meta, and Amazon, where contracts pay more than consumer electronics deals. DRAM prices rose 13% to 18% quarter over quarter in the third quarter of 2026, according to industry data.
Apple shares trade at $304.91, about 7.9% above their GF Value of $282.67, with a trailing P/E of 34.97 times versus a five-year median of 30.61 times. Insider selling totaled $15.6 million over the past three months with no insider buying.
The earnings beat and Daiwa's target raise support confidence in Apple's near-term trajectory, but the memory shortage and September iPhone 18 pricing decisions will test whether the company can sustain growth into fiscal 2027. Investors will watch the iPhone 18 launch in September for pricing and supply details.
This article is for informational purposes only and does not constitute investment advice.
