Jefferies: Raises Apple price target to $270.62, still maintains "underperform" rating.

Jefferies issued a report stating that it expects Apple's revenue and earnings per share for the fourth quarter of fiscal 2026 ending late September this year to be 4% and 5% above market expectations, respectively, due to strong pull-forward demand for iPhones ahead of the price increase announced on September 9; however, guidance for the first fiscal quarter ending late December is likely to fall short of expectations, due to weaker-than-expected demand for the iPhone 18 Pro/Pro Max, rising memory prices adding pressure on gross margins, and demand for the foldable iPhone DUO merely meeting expectations with limited upside surprise. The firm maintains its "underperform" rating on the company and raised its target price from $263.66 to $270.62.