Raymond James has resumed coverage of Apple shares in early 2026 with a cautious stance. The firm notes that while Apple remains a global smartphone leader, its growth trajectory faces headwinds from maturing markets and intensifying competition. The analyst highlighted that iPhone unit sales growth is expected to slow to mid-single digits this fiscal year, compared with double-digit expansion just two years ago, and has assigned a neutral rating to the stock. Raymond James will monitor Apple’s ability to innovate beyond hardware, particularly in services and mixed-reality, before considering an upgrade.

Apple has quietly scaled back production of its Vision Pro mixed-reality headset following sluggish consumer uptake. Market research firm IDC estimates that Apple shipped just 45,000 units in the fourth quarter of 2025, far below early forecasts. According to Sensor Tower data, Apple reduced marketing spend on the device by more than 95% last year. Manufacturing partner Luxshare reportedly halted Vision Pro assembly in early 2025, and Apple has restricted direct sales to 13 countries. Insiders tell the Financial Times that a lower-cost model is being fast-tracked for release later this year in an effort to broaden appeal.

Since the end of 2023, Berkshire Hathaway has cut its Apple position by roughly 73%, reducing holdings from approximately 906 million shares to 238 million shares as of the third quarter of 2025. Warren Buffett’s firm cited broad market valuations and the opportunity to redeploy capital into Treasuries and other high-yield instruments. The sale leaves Apple no longer as Berkshire’s top equity holding, marking a rare retreat from one of its most successful investments. Berkshire now holds more than $350 billion in cash and short-term securities after trimming its tech exposure.

In its fiscal year 2025, Apple generated an all-time record $416 billion in revenue, with fourth-quarter sales of $102.5 billion, up 8% year-over-year. iPhone shipments reached 247.4 million units, a 6.1% increase, according to IDC data. Services revenue, driven by App Store, cloud and subscription businesses, grew 15% in the quarter and now represents a larger share of operating profit thanks to roughly 75% gross margins. Earnings per share for the September-ended quarter came in at $1.85, a 13% increase excluding a one-time charge. Management forecasts first-quarter revenue growth of 10–12%, led by continued strength in both hardware upgrades and high-margin services.