Technology | Equity Research | February 19, 2026
Target: $233.3
$185.0
9.1x
$20.23
1.54%
Conviction: High
Apple continues to demonstrate robust pricing power despite inflationary pressures. Services revenue is a key growth driver, outpacing hardware sales. Apple Inc. is positioned to benefit from secular tailwinds in the Technology industry.
Risks: Regulatory scrutiny in the EU and US regarding the App Store ecosystem remains a primary overhang. Supply chain concentration in Asia poses geopolitical risks.
| Year | 2022 (A) | 2023 (A) | 2024 (A) | 2025 (E) | 2026 (E) | 2027 (E) |
|---|---|---|---|---|---|---|
| Revenue | $270.0 | $295.0 | $321.4 | $350.0 | $386.7 | $422.9 |
| Consensus Rev | - | - | - | $351.1 | $397.3 | $436.5 |
| System Rev | - | - | - | $356.5 | $409.9 | $431.5 |
| EBITDA | $54.8 | $89.0 | $130.0 | $69.5 | $114.6 | $178.5 |
| EPS | $8.53 | $13.86 | $20.23 | $10.81 | $17.85 | $27.79 |
Breakdown: 26 Buy / 5 Hold / 3 Sell
The street remains generally buyish on the name.