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Raymond James analyst Srini Pajjuri started off 2026 by resuming coverage of Apple (Nasdaq: AAPL) stock — but don’t get too excited.
Pajjuri only gives Apple a market perform rating (so hold). “Despite strong fundamentals and improving product cycles, we believe Apple’s current valuation appropriately reflects these strengths, limiting near-term upside,” says the analyst.
“Much of [Apple’s] value is already well understood by investors. Further, given the broad user base (now ~2.4 billion), we believe incremental gains from technology upgrade cycles will become more difficult to attain, much less move the needle. The relative success of the iPhone 17 refresh cycle has likely driven much of the recent share gains, and while we don’t discount the value generated by this growth … with a valuation several turns above the 5-year average P/E, we remain on the sidelines at this time.”
Long story short, Apple stock may have gotten not too big to fail — but too big to succeed much at all.
This article will be updated throughout the day, so check back often for more daily updates.
The Vanguard S&P 500 ETF (NYSEMKT: VOO) started out the new (trading) year on a bright note, opening 0.6% higher after President Trump delivered a New Year’s Eve surprise: a tariffs reprieve for imports of upholstered furniture (of all things).
Citing ongoing trade talks, the President delayed implementation of extra tariffs on upholstered furniture, kitchen cabinets, and vanities Wednesday night. Tariff rates of 25% on these goods remain in effect, but won’t yet be hiked by an additional 30% (un upholstered furniture) or 50% (on cabinets and vanities).
Had he not delayed implementation, those extra tariff rates would have gone into effect yesterday, January 1.
The White House further delayed implementation of a 107% import tariff on Italian pasta (again — of all things!) They’ll be deciding whether to implement that one on March 12, instead of letting it go into effect today, January 2, as previously announced.
How stocks are reacting
Multiple stocks are reacting positively to the delays in implementation. American Woodmark (Nasdaq: AMWD) shares are up 1.5% and Hooker Furnishings (Nasdaq: HOFT) stock is up 2% today for example. Wayfair (NYSE: W) stock is up 5%. RH (NYSE: RH), formerly known as Restoration Hardware, is doing best of all with a 7% gain.
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