Analysts warn Apple shares face tariff-fund hangover and AI lag
Apple shares have risen 23% since Q2 earnings, outpacing a weak SPY, but the stock is seen as overvalued at $333.43 versus a $319.72 12-month consensus target. A quarter’s tariff refunds boosted gross margin by ~2 points and EPS by ~$0.11, a one-time tailwind unlikely to persist, while Apple’s lack of an AI per-seat subscription leaves less support for the 36x forward multiple.