Apple: Buying More As Fundamentals Deteriorate, Blue Chip Status Remains (Rating Upgrade)

  • AAPL has already retraced deeply after our two Hold ratings, with the bulls seemingly defending a floor and the subsequent recovery after the April 2025 meltdown. While its iPhone sales have seemingly stagnated and Chinese related prospects moderated by Huawei's growing market share, the global iOS market share remain stable thus far. This is significantly aided by the (still) rich cash flow story and the aggressive share repurchase cadence, albeit negated by the deteriorating balance sheet health.