Key Takeaways
- Goldman Sachs reaffirmed its Buy rating on Apple with a $330 price target just days before the company’s April 30 earnings announcement.
- Michael Ng, Goldman analyst, projects fiscal Q2 2026 earnings per share of $2.00, surpassing the consensus of $1.93.
- Shares of AAPL have declined 4% year-to-date, pressured by escalating DRAM costs tied to AI-driven memory chip shortages.
- The iPhone maker achieved 21% global smartphone market share in Q1 2026, marking its first-ever lead in an opening quarter.
- WWDC 2026, running June 8–12, represents the next key event, with expectations for a revamped Siri and potential iPhone Fold unveiling.
With Apple’s earnings report scheduled for April 30, Goldman Sachs is doubling down on its positive stance. The investment bank has reaffirmed its Buy rating alongside a $330 price target, with analyst Michael Ng arguing that the stock’s recent softness presents a buying window rather than a warning sign.
Shares of AAPL have slipped 4% since the start of the year, lagging the S&P 500’s 2% advance during the same timeframe. Much of this underperformance stems from escalating DRAM prices, which have climbed sharply since autumn 2025 as artificial intelligence applications create unprecedented demand for memory chips.
Ng’s earnings projection for the fiscal second quarter comes in at $2.00 per share, topping Wall Street’s consensus estimate of $1.93. He anticipates robust iPhone and Mac sales, gross margins exceeding expectations, and supportive foreign exchange conditions to fuel the outperformance.
Apple’s gross profit margin stands at 47.3% for the trailing twelve-month period, demonstrating the company’s ability to maintain premium pricing despite elevated component expenses. The tech giant is simultaneously securing mobile DRAM supply agreements, which Goldman believes will safeguard both profitability and competitive positioning.
Services Segment Maintains Momentum
Regarding the Services division, Goldman anticipates 14% year-over-year revenue expansion, fueled by iCloud+, AppleCare+, and advertising platforms. App Store growth has been more restrained — UBS estimated approximately 7% growth for the March quarter, with stagnant performance in the United States — yet the overall Services portfolio continues its upward trajectory.
Bank of America independently lifted its AAPL price target to $325, pointing to solid iPhone unit sales and the likelihood of an earnings surprise. UBS maintained its Neutral stance with a $280 valuation.
In the global smartphone arena, Apple’s competitive position appears robust. The company secured 21% of worldwide market share during Q1 2026 — unprecedented for a first quarter in the company’s history. iPhone 17 consumer interest and trade-in initiatives fueled these results, with particularly strong showings across China, India, and Japan.
TSMC’s recent quarterly earnings discussion highlighted exceptional premium smartphone performance, which Goldman referenced as corroborating evidence for its optimistic Apple outlook. Market share expansion in China was also highlighted as an encouraging development.
Developer Conference and Foldable iPhone Generate Anticipation
Looking past the earnings event, 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 projects the fall 2026 iPhone portfolio will feature the iPhone Fold, a frequently speculated foldable device that could establish an entirely new product segment for Apple.
Cirrus Logic received designation as a partner in Apple’s American Manufacturing Program alongside GlobalFoundries. In response, Stifel increased its Cirrus Logic price target to $175 while maintaining its 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 target of $304.85 suggests approximately 12.8% potential appreciation from current trading levels.
Apple is scheduled to release earnings following market close on April 30.
