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A price target increase on Apple arrived alongside a frank admission: the quarter was good, but it was not great.
Memory supply constraints hit both reported results and forward guidance, and the analyst raising the target is not pretending otherwise. The bull case here is being made with eyes open.
What the quarter showed Apple worked to mitigate the memory shortage rather than be stopped by it, though the drag was visible in results and in guidance.
The characterization of "good but not great" is precise: it rules out disaster while stopping well short of a clean beat.
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