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Apple Inc. (AAPL)
Apple delivered a clean beat-and-raise in Q2 FY26 with revenue of $99.2B (+4% YoY) topping consensus by $1.4B and GAAP diluted EPS of $1.78 beating by $0.06, driven by Services strength (+13% YoY to a record $27.8B) and a 40 bp gross margin expansion to 47.0%. iPhone revenue of $52.5B (+5% YoY) outperformed as Apple Intelligence-eligible devices extended the upgrade cycle for a third consecutive quarter, while Greater China returned to growth (+5% YoY) for the second straight quarter following the February 2026 Apple Intelligence rollout via Baidu. Capital return totaled $31.5B in the quarter and the Board authorized an incremental $110B buyback while raising the dividend 4% to $0.27. We maintain BUY and raise our price target to $245 (from $230) on stronger Services trajectory, China stabilization, and Apple Intelligence monetization optionality.
AbbVie Q1 2026 Earnings Update: Skyrizi/Rinvoq Drive Beat-and-Raise; PT to $255
AbbVie delivered a clean beat-and-raise Q1 2026 print that, in our view, definitively closes the post-Humira-LOE chapter and reframes the equity story around a durable, fast-growing immunology-plus-neuroscience franchise. Reported revenue of $15.00B (+12.4% reported, +10.3% operational) beat the Street by ~$280M, driven by Skyrizi at $4.48B (+30.9%) and Rinvoq at $2.12B (+23.3%). Adjusted EPS of $2.65 grew 7.7% YoY despite an unfavorable $0.41 IPR&D charge. Management raised FY26 adjusted EPS guidance to $14.08-$14.28 (mid $14.18) and revenue guidance to ~$67.3B. We raise our 12-month price target to $255 (from $235) on an 18.0x multiple to our 2026E adj. EPS of $14.20. Reiterate BUY.
Analog Devices (ADI) Q1 FY2026 Earnings Update
ADI delivered a decisive beat-and-raise to open FY2026, with Q1 revenue of $3.16B (+30% y/y) and adjusted EPS of $2.46 (+51% y/y) topping the high end of guidance and consensus. Industrial reaccelerated to +38% y/y, communications surged +63% y/y on AI infrastructure pull-through, and adjusted operating margin lifted 500 bps y/y to 45.5%. The Q2 guide of $3.50B revenue (8.4% above Street) and $2.88 EPS, with operating margin guided to 47.5%, signals a multi-quarter upward revision cycle. We raise our 12-month price target to $310 (from $260) on 23x FY27E adjusted EPS of $13.50 and reiterate BUY.
Applied Materials (AMAT) Q1 FY2026 Earnings Update
Applied Materials delivered a clean Q1 FY2026 print headlined by record DRAM equipment revenue, record Applied Global Services (AGS) revenue, and the highest non-GAAP gross margin in 25 years (49.1%). Net revenue of $7.01B topped the $6.85B guide midpoint and $6.88B consensus, while non-GAAP EPS of $2.38 cleared the $2.21 consensus by ~8%. Management reiterated that wafer fab equipment (WFE) will grow more than 20% in calendar 2026, anchored by leading-edge logic, HBM and advanced packaging. Q2 FY26 guidance of $7.65B revenue / $2.64 EPS embeds ~9% sequential growth and would mark a record quarter. With China revenue normalizing to a low-20s mix and AI-driven demand more than offsetting export-control attrition, we view AMAT as a primary beneficiary of the current capex super-cycle and raise our 12-month price target to $450 (from $400) on raised CY27E EPS of $11.00.
Amgen Inc. (AMGN) Q1 2026 Earnings Update
Amgen delivered a high-quality Q1 2026 print with revenue of $8.62B (+6% YoY) beating consensus by ~$40M and non-GAAP EPS of $5.15 beating the $4.78 Street estimate by ~8%. Six growth pillars - Repatha (+34%), Evenity (+27%), TEPEZZA (+29%), UPLIZNA (+188%), IMDELLTRA (+219%), and the biosimilar portfolio (+35%) - more than absorbed headline drags from Enbrel (-37%, IRA pricing) and Prolia (-34%, biosimilar competition). Management raised FY26 revenue guidance to $37.1-$38.5B and non-GAAP EPS to $21.70-$23.10. Free cash flow of $1.5B was up 50% YoY. We raise our 12-month price target to $385 (from $345) and reiterate BUY.
Amazon.com, Inc. (AMZN) Q1 2026 Earnings Update
Amazon delivered a high-quality Q1 2026 beat: revenue of $178.4B (+14.6% YoY ex-FX) topped consensus by 2.2%, diluted EPS of $1.85 beat by 14.2%, and operating income of $22.05B (12.4% margin) hit an all-time consolidated high. AWS reaccelerated to 21% YoY—the fastest in 12 quarters—with AI services contributing ~7-8 points of growth and backlog reaching $215B (+30% YoY). North America retail margins expanded ~110bps YoY to 8.6% on regionalization and automation, while advertising grew 18% (cc) to $16.4B. FY26 capex held at ~$135B. We reiterate BUY and raise PT to $265 (from $245) on FY27 estimate roll-forward, AWS reacceleration, and durable retail margin expansion.
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