MoffettNathanson upgrades Apple (AAPL) to Neutral, raises price target to $225

Craig Moffett upgraded Apple (AAPL) from Sell to Neutral, citing reduced risks around tariffs and Google’s default search payments on iPhones, which make prior worst-case scenarios less likely.

However, valuation remains a sticking point: Apple trades at ~31x next year’s earnings, well above the S&P 500 average, while U.S. 10-year yields near 5% heighten pressure on premium multiples.