---
title: "\"Big Banks\" Citigroup: Apple's last quarter performance exceeded expectations, rating \"Buy\""
description: "Citi released a report stating that Apple's performance in the September quarter exceeded market expectations, with revenue of $102.5 billion, an 8% year-on-year increase; earnings per share were $1.8"
type: "news"
locale: "en"
url: "https://longbridge.com/en/news/263682456.md"
published_at: "2025-10-31T07:37:54.000Z"
---

# "Big Banks" Citigroup: Apple's last quarter performance exceeded expectations, rating "Buy"

> Citi released a report stating that Apple's performance in the September quarter exceeded market expectations, with revenue of $102.5 billion, an 8% year-on-year increase; earnings per share were $1.85, and the gross margin was 47.2%. Citi is focused on the global demand for the iPhone 17 series, especially in the Chinese market, the growth of the services business, and the impact of tariff policies on gross margin. Citi set a target price of $245 for Apple, with a rating of "Buy."

Citi published a research report indicating that Apple (AAPL.US) announced its quarterly results for the period ending in September, with revenue reaching $102.5 billion, an 8% year-on-year growth, exceeding market expectations; earnings per share were $1.85, with an overall gross margin of 47.2%, also surpassing market expectations.

Citi's focus during the Apple earnings call will be on global demand for the iPhone 17 series, particularly the performance in the Chinese market and views on the replacement cycle; growth momentum in the services business, and the impact of external payment policies in the App Store in the US and Europe; the current status and impact of tariff policies; the effect of tariffs and rising component prices on gross margins; potential implications of the Google antitrust ruling; progress on Apple Intelligence and major redesign plans for Siri.

Citi has set a target price for Apple at $245, or a valuation based on a 28 times price-to-earnings ratio, based on Citi's earnings per share forecast for fiscal year 2027, with a rating of "Buy."

### Related Stocks

- [AAPL.US - Apple](https://longbridge.com/en/quote/AAPL.US.md)
- [AAPB.US - GraniteShares 2x Long AAPL Daily ETF](https://longbridge.com/en/quote/AAPB.US.md)
- [AAPD.US - Direxion Daily AAPL Bear 1x Shares](https://longbridge.com/en/quote/AAPD.US.md)
- [AAPU.US - Direxion Daily AAPL Bull 2X Shares](https://longbridge.com/en/quote/AAPU.US.md)
- [AAPX.US - T-Rex 2X Long Apple Daily Target ETF](https://longbridge.com/en/quote/AAPX.US.md)
- [AAPY.US - Kurv Yield Premium Strategy Apple Aapl ETF](https://longbridge.com/en/quote/AAPY.US.md)
- [APLY.US - YieldMax AAPL Option Income Strategy ETF](https://longbridge.com/en/quote/APLY.US.md)

## Related News & Research

| Title | Description | URL |
|-------|-------------|-----|
| Apple Inc. $AAPL Position Lifted by Rossmore Private Capital | Rossmore Private Capital increased its position in Apple Inc. (NASDAQ:AAPL) by 1.1% in Q3, owning 204,242 shares valued  | [Link](https://longbridge.com/en/news/276436349.md) |
| IronBridge Private Wealth LLC Has $905,000 Holdings in Apple Inc. $AAPL | IronBridge Private Wealth LLC reduced its stake in Apple Inc. (NASDAQ:AAPL) by 77.3% in Q3, holding 3,555 shares valued  | [Link](https://longbridge.com/en/news/276436345.md) |
| Vest Financial LLC Boosts Position in Apple Inc. $AAPL | Vest Financial LLC increased its stake in Apple Inc. (NASDAQ:AAPL) by 17.8% in Q3, now holding 322,329 shares valued at  | [Link](https://longbridge.com/en/news/276122567.md) |
| Apple starts testing end-to-end encrypted RCS messages on iPhone | Apple is testing end-to-end encrypted RCS messages with the developer beta of iOS 26.4. This feature, announced last yea | [Link](https://longbridge.com/en/news/276076870.md) |
| Twin Peaks Wealth Advisors LLC Buys 4,015 Shares of Apple Inc. $AAPL | Twin Peaks Wealth Advisors LLC increased its stake in Apple Inc. (NASDAQ:AAPL) by 6.4% in Q3, acquiring an additional 4, | [Link](https://longbridge.com/en/news/276207616.md) |

---

> **Disclaimer**: This article is for reference only and does not constitute any investment advice.