Apple Just Flagged a Headwind That Could Hit iPhone, Mac and iPad All at Once

Shares of Apple Inc (NASDAQ: AAPL ) were falling on Friday, even after the company reported upbeat fiscal third-quarter results.

Here are the key analyst takeaways: Rosenblatt Securities analyst Barton Crockett reiterated a Neutral rating, while raising the price target from $276 to $300.

DA Davidson analyst Gil Luria maintained a Neutral rating and price target of $270.

Needham analyst Laura Martin reaffirmed a Hold rating on the stock.

Check out other analyst stock ratings.

Rosenblatt Securities: Apple’s revenues grew 16% year-on-year to $109 billion, coming in line with expectations, while earnings of $2.02 per share surpass estimates of $1.91 per share, Crockett said in a note.

The company’s earnings benefited 11 cents per share from tariff refunds, excluding which it would have been in line, he added.

The analyst notes that: iPhone sales grew 22% year-on-year to $54.3 billion Services rose 12% year-on-year to $30.7 billion Mac sales grew 29% year-on-year iPad sales dipped 6% year-on-year against tough comps China was the strongest region, with sales growth accelerating to 22% year-on-year, from 15% in the previous quarter, he further stated.

DA Davidson: While Apple’s total revenues grew 16.4% year-on-year, this was a "slight deceleration" from the previous quarter, Luria said.

Products revenue came in at $78.7 billion, growing 18.1% Y/Y, while Services growth took a more notable deceleration, growing 12.1% Y/Y (versus 16.3% last quarter) to $30.7 billion.

Management attributed the services deceleration mainly to FX headwinds but also tougher comps.

Apple has begun to "find its place in the AI market," with early reviews suggesting that Siri’s performance is now comparable to leading AI models on handsets with agentic abilities, the analyst stated.

Management indicated significant supply constraints ahead, which would impact iPhone, Mac, and iPad, and "will be a headwind for revenue," he further wrote.

Needham: Apple’sinstalled base surpassed 2.5 billion active devices as of June 30, hitting a record high, while subscriptions reached 1.5 billion, Martin said.

The analyst expressed concern about: Continuing supply constraints for many of Apple’s products, "with no end in sight." Rising memory costs exerting pressure on the company’s margins and resulting price hikes for consumers could impact unit growth going ahead.

Services revenue growth of 12% was disappointing.

Capex contracted year-on-year while other tech giants are raising investments.

AI commentary was missing during the earnings call.

Management guided to "weak" September-quarter revenue growth guidance of 9%-11%.

AAPL Stock Price Activity: Apple shares were down 9.74% at $300.96 on Friday, according to Pro data.

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