Daiwa Analyst Sees Apple Growth Facing a Tougher Test After March

Daiwa Capital Markets analyst Louis Miscioscia expects Apple’s growth to face a tougher test after the March quarter, as rising memory costs and harder year-over-year comparisons weigh on the company. He expects backorders and channel fill to support the December and March quarters. Miscioscia wrote that favorable conditions could last “Till April 27.”

Miscioscia said earlier contracts and inventory helped Apple manage costs and margins, but maintaining that support will be harder in 2027. He also cited supply constraints for key hardware components and said Apple’s new iPhone Duo “seems very supply-constrained.” His outlook places the expected pressure after the two quarters he sees as supported by backorders and channel fill.

Apple shares had risen nearly 27% in 2026 through Nov. 5, supported by stronger-than-expected demand for iPhone 17. The stock had recently outperformed other technology shares weighed down by concerns about an artificial-intelligence slowdown. Apple shares edged lower after the company’s Nov. 2 earnings report as investors weighed macroeconomic headwinds to future growth.

Apple reported fiscal 2026 revenue of $478 billion, up about 15% from a year earlier. Daiwa maintained its outperform rating and raised its 12-month price target to $375 from $335. The new target implied about 9% upside from the Nov. 5 closing price, a more measured view than the stock’s year-to-date gain.

Miscioscia noted that Apple has not posted two consecutive fiscal years of double-digit growth since fiscal 2015. The latest revenue increase gives the company a higher base for its next year-over-year comparison. Daiwa’s rating is in line with the broader analyst consensus: 25 of the 43 analysts covering Apple had buy or strong buy ratings.