According to the report released by Jefferies, Apple's revenue and earnings per share for the fourth quarter of fiscal year 2026 ending at the end of September this year are expected to be 4% and 5% higher than market expectations, respectively, due to strong early purchase demand for iPhones before the price increase was announced on September 9; however, the first-fiscal quarter guidance for the end of December may fall short of expectations, as demand for the iPhone 18 Pro/Pro Max is weaker than expected, increasing pressure on gross margin, and demand for the foldable iPhone DUO is only in line with expectations. The bank maintained its “outperforming the market” rating and raised its price target from $263.66 to $270.62.

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