Jefferies has upgraded Apple Inc. (AAPL) from Underperform to Hold, raising its price target from $170.62 to $188.32. The upgrade reflects expectations of strong iPhone sales, which increased by 15% year-over-year, marking the strongest growth since the third quarter of 2021. Jefferies anticipates that tariff-driven pull-in demand and share recovery in China will drive June quarter revenue and earnings per share growth of approximately 8% and 10%, respectively, outperforming consensus estimates by roughly 5% for revenue and 9% for EPS. Despite this optimism for the near term, the firm remains cautious about flat iPhone growth in the second half of 2025 and potential risks to services revenue. Following the upgrade, Apple shares showed modest gains and a slightly bullish tone in options trading, with implied volatility declining and call options leading volume.