Apple shares rose 6% after Bernstein raised its price target to $380 from $370 and kept its Outperform rating, while Microsoft and Amazon also rallied without company news of their own. Apple beat September-quarter estimates and guided holiday revenue up 7% to 10%, but its 45% to 46% gross margin guide sat below the 46.3% analysts expected because of higher memory costs. The article notes holiday gross profit would grow only about 2% at guidance midpoints, versus about 8.5% revenue growth, since last year's December quarter carried a 48.2% gross margin. CEO John Ternus said memory pricing keeps rising beyond December. Apple traded at 37x forward earnings before today's gain and is now near its five-year peak of 38x, and the author expects fiscal 2027 estimates to drift lower and is cautious about chasing the rally.
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Related tickers and likely impact
AAPL
▲ Likely positiveApple Inc.
Relevance: high
| Market | US stocks |
|---|---|
| Sector | Information Technology |
| Industry | Technology Hardware, Storage & Peripherals |
| Market cap | $5.1T |
| Close on 11/03/2026 | 331.90 |
| Change that session | -1.90% |
Impact is scored by AI from the headline and may be wrong. It is not investment advice.
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