Bernstein maintains Apple’s “Outperform” rating, target price $370

on November 3, Bernstein reiterated its "Outperform" rating on Apple and maintained a $370 price target. The firm noted that Apple delivered strong fourth-quarter results, with revenue rising 12% year over year to $114.5 billion, surpassing Bernstein's and market estimates by 1.6% and 0.9%, respectively; diluted earnings per share came in at $2.10, exceeding Bernstein's and market forecasts by 6% and 5%. Specifically, iPhone revenue grew 17% year over year, exceeding prior expectations of around 15%; services revenue increased 10%, translating to approximately 12.5% growth when excluding unfavorable foreign exchange impacts.