From Financial Modeling Prep: 2025-06-06 14:49:00

KeyBanc maintains a Sector Weight rating on Apple, highlighting continued hardware strength, particularly in iPhone sales. May KFLD data shows a 1% month-over-month spending decline, better than the 3-year average of 2%, with year-over-year growth of 22%. Analysts believe Apple’s hardware segment, especially iPhones, shows resilience despite decelerating growth.

The firm attributes May’s performance to demand pull-forward seen earlier in the spring, leading to elevated spending levels. Carrier data on upgrade rates and new customer additions supports a stable demand environment for Apple. KeyBanc is keeping its estimates unchanged but considers them conservative.

Despite positive trends, analysts see limited valuation upside for Apple, citing a forward 2026 EV/EBITDA multiple of ~19.7x, slightly below the three-year average of ~21x. This valuation is viewed as expensive given the company’s expected growth trajectory.



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