Goldman Sachs Raises Apple Price Target Ahead of Q3 Earnings

Goldman Sachs raised its price target for Apple and reaffirmed a Buy rating ahead of the company's Q3 fiscal 2026 earnings.

Analyst Ng increased his target to $370 from $330, lifting his valuation multiple on growing confidence in the iPhone replacement cycle and Apple's AI efforts. He expects the company to deliver better-than-expected results, driven by 17% revenue growth to $110.1 billion. That figure sits at the high end of Apple's own guidance range of 14% to 17%.

Within that, Ng forecasts iPhone revenue of $54.8 billion, up 23%, above the consensus estimate of $53.7 billion. He sees unit growth of 15% and a 7% rise in average selling price on a premium mix shift. Services revenue should grow 15%, matching the Street's expectations. While App Store growth has slowed because of lower commission rates in markets like China and Japan, Ng said services tied to Apple's products – iCloud+ and AppleCare+ – remain strong.

Apple stock has outperformed the broader market since the start of the second quarter, Ng noted. He said investors rotated away from traditional AI infrastructure stocks, and sentiment improved as Apple gained market share despite industry-wide price hikes tied to elevated memory costs. Progress on Apple Intelligence since the WWDC event also helped ease AI disruption concerns, he added.

Ng said Apple's recent price increases for Mac and iPad should support earnings over the next few quarters. He described the user base as "relatively price inelastic given brand stickiness, U.S. carrier subsidies, and availability of recent low-cost product launches (iPhone 17e, MacBook Neo)."

Ng's price target and quarterly estimates are at the high end of the analyst range.