Apple just wrapped up its best March quarter ever, and the story isn't just about selling a lot of iPhones. It's about how the company managed to shrug off rising component costs, keep prices stable while rivals raised theirs, and still post record revenue. Counterpoint Research laid it all out on Friday, and the picture is one of a company that's playing a long game—and winning.

iPhone Strength Drives Market Share Gains

The iPhone 17 series is the star of the show. Counterpoint noted that Apple posted record iPhone revenues in the March quarter, fueled by strong global demand. But the real trick was on the cost side: Apple's supply chain resilience allowed it to absorb rising component costs and maintain price stability, even as competitors raised prices. That pricing advantage, combined with growth in Greater China and emerging markets, helped Apple consolidate market share. Counterpoint expects iPhone share to keep climbing through 2026 and 2027.

Mac And Devices Expand Ecosystem Growth

Apple's Mac segment also outperformed the broader PC market, thanks largely to the MacBook Neo. By moving into a more affordable price bracket, Apple expanded its addressable market—especially among students and creators—which should support long-term customer value. The iPad, Watch, and AirPods all saw growth too, with wearables benefiting from a broader product portfolio and improved supply. iPad demand, meanwhile, continued to be driven by upgrade cycles and new users in emerging markets.

Services And AI Base Support Long-Term Outlook

Apple's services business hit an all-time high, supported by a growing installed base of AI-ready devices. That's the kind of flywheel effect investors love: more devices mean more services revenue, which in turn funds more ecosystem investment. Counterpoint noted that while memory costs are rising across the industry, Apple remains relatively well-positioned on supply—though it does face constraints in advanced chip availability. The firm also acknowledged increasing competition from Android devices pushing more premium offerings into Apple's territory, but it expects Apple's strong brand and ecosystem to support continued share gains and multi-year services growth.

Analyst Consensus & Recent Actions

The stock carries a Buy rating with an average price target of $311.03. Recent analyst moves include:

• Wedbush: Outperform (maintains target at $350.00) — May 1
• Barclays: Underweight (raises target to $253.00) — May 1
• Wells Fargo: Overweight (raises target to $310.00) — May 1

So the bulls are out in force, but Barclays remains the lone skeptic, even after bumping its target up a bit.

Apple Technical Analysis

Technically, Apple is pressing the upper end of its 52-week range, sitting just below the $288.62 high. That's consistent with buyers staying in control of the longer trend. The stock is trading 7.4% above its 20-day simple moving average (SMA) and 7.9% above its 100-day SMA—both bullish signals for short- and intermediate-term trend structure. The MACD is above its signal line with a positive histogram, pointing to upward momentum that's still intact. When MACD holds above the signal line, it typically reflects buyers maintaining the initiative rather than fading rallies.

The stock is up 33.45% over the past 12 months, a run that fits with the broader "buy-the-dip" behavior in mega-cap tech. With the 50-day SMA above the 200-day SMA (a golden-cross backdrop that formed in September 2025), the longer-term trend bias remains constructive—unless price starts losing key levels.

• Key Resistance: $288.50 — a spot where rallies have recently stalled near the highs.
• Key Support: $246.00 — an area where demand has previously shown up on pullbacks.

Price Action

Apple shares were up 5.26% at $285.62 at the time of publication on Friday.