Goldman Sachs Raises Apple Price Target to $340

Goldman Sachs analyst Michael Ng raised the price target on Apple (NASDAQ: AAPL) to $340.00 (from $330.00) while maintaining a Buy rating.

“Results demonstrated strong iPhone, Mac, and Services momentum, along with AAPL’s ability to effectively manage cost inflation, both of which have been investor concerns, in our view.

First, although revenue increased 17%, growth would have been at least 250 bps better if not for supply constraints on advanced node for SOC.

AAPL’s better-than-expected F3Q26E revenue guidance also includes the assumption of continued supply constraints with underlying demand outpacing AAPL’s ability to sell-in.

This includes iPhone given the success of iPhone 17, as well as Mac which is benefiting from AI agent workload-related demand for Mac Mini and Studio, as well as the success of the lower-priced MacBook Neo.

Second, gross margins of 49.3% had better-than-expected product gross margins, which are burdened by significantly higher memory costs qoq.

The F3Q26E gross margin outlook also beat, despite increasing commodity cost inflation. Notably, AAPL will be seeking >$3 bn of tariff refunds, which will eventually be a contra-COGS when received.

Third, AAPL increased its share repurchase authorization by $100 bn and no longer has a goal of achieving net cash neutral, though shareholder returns should continue to grow.”

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