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Apple Inc (NASDAQ:AAPL, XETRA:APC) is expected to report March-quarter financial results that may come in slightly below consensus expectations, according to Jefferies analysts who maintained a ‘Hold’ rating on the iPhone maker. The firm has a price target of about $295 on the company, which traded hands at $261 late morning on Friday. Jefferies wrote that it expects a slight miss in Apple’s March quarter results, driven primarily by weaker sell-in relative to sell-through, as elevated channel inventories from prior periods weigh on shipments. They pointed to margin pressure in the iPhone segment, citing an estimated 1 percentage point gross margin decline due to higher memory costs. On demand trends, Jefferies sees a mixed picture beneath the surface. It estimates strong underlying consumption, including double-digit sell-through growth in China and mid-single-digit to high-single-digit growth in other regions, but noted this may be partially inflated by timing effects and price dynamics. At the same time, shipment data out of China suggest a meaningful year-on-year decline in early-quarter sell-in, implying inventory normalization rather than outright demand weakness. Revenue expectations remain below guidance, with Jefferies forecasting total growth of about 12% versus the company’s 13% to 16% range. iPhone revenue is expected to slow sequentially, even as reported sell-through trends remain comparatively resilient. Earnings and operating profit forecasts are also modestly below consensus, reflecting both volume timing and margin compression. Despite near-term pressure, Jefferies is constructive on Apple’s longer-term positioning. It argues that structural pricing power and a gradual shift toward higher-end devices should support earnings resilience over time, even as input costs rise. “Despite skyrocketing memory costs, we see AAPL as the most resilient consumer electronics player given its high ASP, thus its ability to raise prices with limited demand impact, and its premium iPhone roadmap,” they wrote. Jefferies framed the current softness as cyclical rather than structural, keeping its longer-term earnings outlook intact, while acknowledging near-term downside risk into the print. Apple is set to report its fiscal Q2 earnings results on April 30.

Premium gym chains are entering a “golden era” that is ending or already in decline, as rising operating costs collide with shifting consumer preferences toward more flexible, community-based ways to exercise. Long-term memberships are shrinking, margins are pressured by higher rents and facility expenses, and competition from smaller, more personalized…