Key Takeaways
- Goldman Sachs reaffirmed its Buy rating on Apple with a $330 price objective just days before the company’s April 30 earnings announcement.
- Goldman analyst Michael Ng projects fiscal Q2 2026 earnings per share at $2.00, surpassing Wall Street’s consensus of $1.93.
- Year-to-date, AAPL has declined 4%, pressured by escalating DRAM costs linked to AI-driven memory chip shortages.
- The tech giant secured 21% of the global smartphone market in Q1 2026 — marking its first-ever first-quarter market leadership.
- The upcoming WWDC 2026 (June 8–12) represents the next significant catalyst, featuring a revamped Siri and potential unveiling of the iPhone Fold.
With just days remaining until Apple’s April 30 quarterly results, Goldman Sachs is doubling down on its bullish stance. The investment bank has reaffirmed its Buy recommendation alongside a $330 price objective, with analyst Michael Ng arguing that the recent pullback presents a buying opportunity rather than a warning sign.
Shares of AAPL have slipped 4% since the start of the year, lagging behind the S&P 500’s 2% advance during the same timeframe. The primary headwind stems from escalating DRAM pricing, which has climbed sharply since autumn 2025 amid AI-fueled demand creating supply constraints in the memory semiconductor sector.
Ng’s earnings projection for the company’s fiscal second quarter comes in at $2.00 per share, exceeding Wall Street’s consensus estimate of $1.93. His optimistic outlook hinges on robust iPhone and Mac sales, gross margins that outperform expectations, and supportive foreign exchange dynamics.
Apple’s gross profit margin stands at an impressive 47.3% over the trailing twelve months, demonstrating its ability to command premium pricing despite rising input costs. The tech giant is also proactively securing mobile DRAM inventory, a strategic initiative Goldman believes will safeguard both profitability and competitive positioning.
Services Segment Maintains Momentum
Regarding the Services division, Goldman anticipates 14% revenue growth compared to the prior year, propelled by iCloud+, AppleCare+, and advertising initiatives. App Store expansion has been more muted — UBS estimated approximately 7% growth during the March quarter, with stagnant growth domestically — yet the overall Services portfolio continues its upward trajectory.
Bank of America independently lifted its Apple price objective to $325, also pointing to solid iPhone performance and likelihood of an earnings surprise. UBS maintained its Neutral stance with a $280 valuation.
Within the smartphone industry, Apple’s competitive position appears robust. The company claimed 21% of worldwide smartphone shipments in Q1 2026 — an unprecedented achievement for a first quarter. iPhone 17 momentum and trade-in initiatives fueled this success, with particularly strong results across China, India, and Japan.
TSMC’s recent quarterly report highlighted exceptional performance in premium smartphones, which Goldman referenced as corroborating evidence for its optimistic Apple thesis. Market share expansion in China was additionally highlighted as an encouraging indicator.
Developer Conference and Foldable iPhone Generate Anticipation
Looking past the earnings release, market participants are focused on WWDC 2026, slated for June 8–12. Apple is anticipated to introduce a reimagined, conversational Siri interface as part of its artificial intelligence strategy.
Hardware rumors are also intensifying. Goldman predicts the Fall 2026 iPhone portfolio will feature the iPhone Fold, a frequently speculated foldable device that could establish an entirely new product segment for the corporation.
Cirrus Logic received recognition as a collaborator in Apple’s American Manufacturing Program together with GlobalFoundries. Stifel subsequently increased its Cirrus Logic price target to $175 while maintaining a Buy recommendation.
The Street’s consensus rating on AAPL stands at Moderate Buy, derived from 16 Buy recommendations, 8 Hold ratings, and 1 Sell rating. The mean price objective of $304.85 suggests approximately 12.8% appreciation potential from present levels.
Apple is scheduled to announce results following the market close on April 30.
