Apple Earnings Preview: Great Cash Flow, But $347 Is Too Expensive

Apple is rated Sell due to an unjustifiable 36x FY2027 earnings multiple and a fair value estimate of $270. I expect solid Q4 results with iPhone revenue growth in the mid-teens and Services revenue near $32B, but upside is limited. Services growth and gross margin resilience support a premium, but regulatory risks and slowing growth challenge further rerating.