Top Analyst Reports for Apple, Microsoft & Broadcom

Wednesday, September 30, 2026

The Zacks Research Daily presents the best research output of our analyst team. Today's Research Daily features new research reports on 16 major stocks, including Apple Inc. (AAPL), Microsoft Corp. (MSFT) and Broadcom Inc. (AVGO). These research reports have been hand-picked from the roughly 70 reports published by our analyst team today.

You can see all of today’s research reports here >>>

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You can read today's AWS here >>> Pre-Markets Up on Excellent Data from PCE and ADP

Today's Featured Research Reports

Shares of Apple have gained +21.5% over the year-to-date period against the Zacks Computer - Micro Computers industry’s gain of +28%. The company’s third-quarter fiscal 2026 results showed broad demand across iPhone and Mac, while Services benefited from a record installed base and rising paid subscriptions. Siri AI and deeper on-device intelligence can strengthen ecosystem engagement and support future hardware upgrades. 

Apple’s cash generation and continued buybacks also provide support. However, fourth-quarter fiscal 2026 growth is expected to slow as foreign exchange and supply constraints intensify. Memory costs are rising, recent price increases may test demand, and tariff refunds provided a temporary benefit to margins and earnings. 

App Store changes and regulatory actions remain an added risk to Services economics. These offsets leave the long-term growth case intact, but the near-term mix of execution, cost and policy risks supports a Neutral view.

(You can read the full research report on Apple here >>>)

Microsoft’s shares have outperformed the Zacks Computer - Software industry over the year-to-date period (+5.9% vs. -3.6%). The company capitalizes on AI business momentum and Copilot adoption alongside accelerating Azure cloud infrastructure expansion. Strong Microsoft 365 Commercial cloud demand has been propelling Productivity and Business Processes revenue growth. 

ARPU is increasing through E5 and M365 Copilot uptake across key segments. Strategic execution through expanding scale and enterprise customer growth is driving non-AI services. Azure and other cloud services revenue grew 43% at cc in fiscal Q4, with customer demand continuing to exceed available capacity. 

Customer concentration risk remains tied to large OpenAI-related Azure commitments. Microsoft confronts intense competition from AWS and Google Cloud and escalating regulatory scrutiny. Capacity constraints persisting into fiscal 2027 limit revenue potential despite record capital spending.

(You can read the full research report on Microsoft here >>>)

Shares of Broadcom’s have gained +2.9% over the year-to-date period against the Zacks Electronics - Semiconductors industry’s gain of +35.3%. The company is benefiting from expanding AI infrastructure spending, with custom XPUs and networking driving semiconductor growth while VMware supports infrastructure software. Multiyear engagements with six XPU customers, broader Ethernet adoption and rising AI deployments provide long-term revenue visibility. 

Free cash flow remains substantial, non-AI semiconductor demand is stabilizing and debt reduction improves financial flexibility. However, the investment case is balanced by high customer concentration, intense competition, declining gross margin as XPUs mix higher, and execution risk tied to large AI infrastructure commitments. 

Broadcom also remains exposed to a sizable debt burden and integration complexity. These factors offset the strength of Broadcom’s AI-led growth profile and support a Neutral recommendation.

(You can read the full research report on Broadcom here >>>)

Other noteworthy reports we are featuring today include Merck & Co., Inc. (MRK), Carnival Corp. Ltd. (CCL) and Ulta Beauty, Inc. (ULTA).

Mark Vickery
Senior Editor

Note: Sheraz Mian heads the Zacks Equity Research department and is a well-regarded expert of aggregate earnings. He is frequently quoted in the print and electronic media and publishes the weekly Earnings Trends and Earnings Preview reports. If you want an email notification each time Sheraz publishes a new article, please click here>>>

Today's Must Read

Strong iPhone 17 & Services Growth to Aid Apple's (AAPL) Prospects

Adoption of Cloud & Office 365 Strength Aid Microsoft (MSFT)

Strong Demand for Networking Products Aids Broadcom (AVGO)

Featured Reports

Merck's (MRK) Growth Outlook Stable Despite Keytruda Patent Cliff
Though Merck's key drug Keytruda loses exclusivity in 2028, its sales remain strong. Its growing drug pipeline, potential new blockbuster drugs and recent M&A deals keep the Zacks analyst optimistic.

Carnival (CCL) Banks on Booking Improvements Amid High Costs
Per the Zacks analyst, Carnival benefits from solid demand, robust booking volumes and destination strategy. However, increased cruise costs and geopolitical uncertainty are concerns.

Ulta Beauty (ULTA) Strengthens Growth With Omnichannel Reach
Per the Zacks analyst, Ulta Beauty's omnichannel strength is evident in high-teens e-commerce growth, with over 50% of online orders store-fulfilled and its app driving more than 60% of digital sales.

Ovintiv Inc. (OVV) to Benefit From Quality Acreage in Key Basins
The Zacks analyst believes that Ovintiv's quality acreage in key North American basins supports production growth, although weak AECO and Waha gas prices could weigh on margins.

Outsourcing Demand & Capital Market Activity Aid Jones Lang (JLL)
Per the Zacks analyst, Jones Lang gains from outsourcing demand, better capital markets activity and advisory businesses. However, uneven transaction timing and competition may limit gains.

Expansion Efforts Aid Commerce Bancshares' (CBSH) Top Line, Costs Ail
Per the Zacks analyst, Commerce Bancshares' revenue growth prospects are encouraging, supported by loan growth and its expansion efforts. Yet, rising expenses and real estate exposure warrant caution.

Essent Set to Grow on Solid Persistency, Prudent Pricing
Per the Zacks analyst, Essent's persistency, pricing, risk transfer, capital deployment and ample liquidity support durable earnings and book value growth weighed on by affordability constraints.

New Upgrades

Record Backlog, Higher Deliveries Support Growth at Embraer (EMBJ)
Per the Zacks analyst, Embraer benefits from a record backlog supported by strong demand across markets. Higher aircraft deliveries will also boost its growth.

Secular Mix and Productivity Bolster Avient's (AVNT) Growth
Per the Zacks analyst, Avient benefits from a stronger growth mix, pricing discipline and productivity gains, supporting durable margins, cash flow and greater capital flexibility.

Helios (HLIO) Gains From Demand Growth and Margin Strength
Per the Zacks analyst, Helios benefits from strong demand momentum, strength across segments and improved profitability. Solid margins, aided by higher volumes and a favorable business mix bodes well.

New Downgrades

High Fuel & Labor Costs Dent Delta's (DAL) Growth Prospects
The Zacks analyst is concerned about high fuel costs, as these expenses represent a significant portion of an airline's total costs. High labor costs represent another challenge.

Optimum (OPTU) Plagued by Fierce Competition, High Leverage
Per the Zacks analyst, growing competition in the broadband business is expected to impact Optimum's top line. Elevated debt burden is limiting investment in growth initiatives.

Cooper Companies (COO) Faces Execution Risks Despite Premium Growth
Per the Zacks analyst, Cooper Companies faces pressure from channel destocking, Asia-Pacific weakness, softer CVI growth and leverage, despite gains from MyDay, MiSight and fertility.

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This article originally published on Zacks Investment Research (zacks.com).

Zacks Investment Research