Citigroup: Lowered Apple's target price to $240 and revised earnings forecasts downward. The company's fundamentals remain solid.

Citigroup released a research report stating that Apple's performance in the quarter ending in March exceeded expectations, with iPhone sales increasing by 2% year-on-year and gross profit margin reaching 47.1%, in line with expectations. Sales in Greater China stabilized at a 2% year-on-year decline, showing some improvement compared to the 11% decline in the previous quarter ending in December last year. The company's guidance for the quarter ending in June is for total sales to increase in the low to mid single digits year-on-year. Additionally, the company raised its dividend by 4% and announced an additional $100 billion share buyback plan. The bank adjusted its earnings forecast for 2025 to 2027 by reducing earnings per share by 7 cents, 5 cents, and 11 cents respectively, and lowered its target price from $245 to $240 due to tariffs. The bank stated that overall, the company's fundamentals remain strong and in the environment affected by tariffs, it has delivered impressive results, maintaining a "buy" rating.