Apple’s stock has taken a hit over eight straight trading sessions, though financial experts at Evercore ISI think the tech giant could turn things around when it posts quarterly results later this month.
Shares dropped 0.8% on Friday to close at $257.07. That’s the eighth day in a row of losses going back to December 30. The decline isn’t huge—shares are down 6.1% over that time—but it’s unusual for the iPhone maker to see this kind of extended slide.
Longest losing streak in decades
This matches Apple’s longest run of losses since a similar eight-day drop in May, according to Dow Jones Market Data. If shares fall again on Monday, it would be the longest losing streak since 1991.
Still, Evercore ISI analysts are keeping a positive outlook. The firm stuck with its Outperform rating on Friday and bumped its price target up to $330 from $325. The move comes ahead of Apple’s earnings report on January 29, with analysts expecting solid revenue and profit numbers for the quarter that wrapped up in December.
“Our checks coupled with industry data points suggest that there is near-term upside to AAPL estimates driven by robust iPhone demand + minimal memory cost headwind,” wrote analysts led by Amit Daryanani in their research note.
Apple had told investors to expect revenue growth of 10% to 12% last quarter. That would mark the first time the company posted double-digit growth since fiscal 2022. Evercore thinks Apple likely did even better than those projections, pointing to strong iPhone sales in North America, China, and India. Europe showed some weakness, according to the firm.
Rising memory chip costs are another thing to watch. Research from Counterpoint suggests memory prices could surge 40% to 50% in the current quarter because of tight supply and strong demand.
Strong near-term outlook despite challenges ahead
But Daryanani noted that Apple looks protected from the worst price hikes for its December and March quarters. The company has long-term deals with suppliers and might be able to make some components in-house to help margins.
Evercore keeps Apple listed as a “top pick” heading into next week’s earnings.
Not everyone is as optimistic, however. Mizuho Securities put out a separate note Friday forecasting an 8% drop in iPhone sales for 2026. The firm pointed to a stagnant smartphone market overall and consumers becoming more price-conscious as potential headwinds for Apple going forward.
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