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Raymond James holds Apple stock at 'Market Perform' despite record $109.4B revenue and valuation concerns.

Analyst Insights
31 Jul 2026
Rayan Ahmad
View Source
Neutral
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Raymond James reaffirmed a 'Market Perform' rating on Apple stock, indicating it is fairly valued despite the company's record third-quarter revenue of $109.4 billion, a 16% increase year-over-year. Strong sales in iPhone and Mac segments drove this growth, but concerns remain due to a high forward P/E ratio of 38x, well above its five-year average of 29x, and a low shareholder yield of 2%. Rising operating costs and mixed segment performance, including a decline in iPad revenue, contribute to a cautious outlook. Investors may view the stock as fairly priced with limited upside potential given these valuation and yield factors.

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