Evercore Removes Apple (AAPL) From Tactical List after Strong Earnings

Apple Inc. (NASDAQ:AAPL) is one of the 10 AI Stocks Gaining Attention on Wall Street. On January 30, Evercore ISI analysts dropped Apple from their TAP Outperform list following its December-quarter earnings.

Apple reported fiscal Q1 2026 revenue of $143.8 billion and earnings per share of $2.84, ahead of Street expectations of $138.4 billion and $2.67, respectively. Total revenue grew 15.7% year-over-year, led by iPhone sales increasing 23% and Services growing 13.9%.

Meanwhile, gross margins for the quarter were 48.2%, demonstrating a 130 basis point year-over-year improvement and exceeding management’s guidance range. The firm also higglighted how Apple’s supply constraints limited their ability to meet upside in demand, expected to continue into next quarter.

“Looking ahead, AAPL guided Mar-qtr revs up +13-16% y/y (vs. street at up ~10%), reflecting ongoing iPhone demand and continued DD Services growth, despite ongoing product supply constraints. Notably, memory headwinds had a minimal impact on GMs in the quarter, though they are expected to have more of a negative impact in the Mar-qtr.”

Noting key points from the EPS call, it noted that it is removing AAPL from their tactical outperform list following its strong beat-and-raise.

“We continue to view AAPL as one of our top picks for CY26 and maintain our OP rating and $330 target.”

Apple is a technology company known for its consumer electronics, software, and services.

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Disclosure: None. This article is originally published at Insider Monkey.