Goldman Sachs Reiterates Buy Rating on Apple, $330 Price Target

Goldman Sachs analyst Michael Ng reiterated a Buy rating and $330.00 price target on Apple (NASDAQ: AAPL).

“With DRAM prices experiencing a massive surge since Fall 2025 driven by an AI-induced supply shortage, concerns around smartphone gross margin pressures and pricing-driven demand destruction and component shortages have driven underperformance in AAPL stock (-4% YTD v.

S&P +2%).

That said, we believe concerns for Apple are overly pessimistic given its much stronger relative position, which we believe has been supported by recent datapoints including high-end smartphone outperformance (confirmed by TSMC in its latest earnings call, iPhone share gains in China) and reports that Apple is actively securing as much mobile DRAM on the market while keeping pricing competitive for market share gains.

Ultimately, we forecast F2Q26E EPS of $2.00, above consensus of $1.93, with outperformance on iPhone revenue, Mac revenue, and gross margins.

Results should also be flattered by favorable forex, as well as strong underlying Services revenue growth.

Despite another slow App Store growth quarter (<10%), we believe product-related Services drivers such as iCloud+ and AppleCare+, along with prior price increases on AppleTV+ and solid advertising performance, should support another quarter of teens Services revenue growth (GSe: +14% yoy).

Looking ahead, Services should benefit from Apple’s growing advertising inventory in the App Store, as well as in Maps (summer).

WWDC should provide clarity into new AI Siri features, while the iPhone line-up in Fall 2026 should be the most innovative ever with the introduction of the iPhone Fold.”

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