Goldman Sachs Lowers Apple Price Target to $360

Goldman Sachs analyst Michael Ng lowered the price target on Apple (NASDAQ: AAPL) to $360 (from $370) while maintaining a Buy rating.

“AAPL’s F3Q26 EPS of $1.91 (excluding +$0.11 from tariff refunds) was largely in-line with GS/consensus of $1.93/$1.89 with largely in-line revenues (iPhone and Mac beat offset by iPad and Services miss) and in-line underlying gross margins (48.1% v.

GS/consensus of 48.2%/48.1%).

That said, the stock likely will trade lower on a disappointing F4Q26 guidance which included a miss on revenue growth and gross margins with revenue growth of 9-11% yoy (v. consensus +12% yoy) and underlying gross margins of 46-47% (excluding 1pp benefit from tariff refunds and v. consensus of 47.3%).

F4Q26 Services revenue growth should decelerate by 250 bps (v. 12% yoy in F3Q26) driven by incremental forex headwinds, but a slowdown in App Store was clearly a headwind in both quarters.

Although results and the forward quarter guidance clearly disappointed, we think sentiment should improve over the next 1-2 quarters as (1) price increases (Mac, iPad, and eventually iPhone) and price/mix from premium products drive upside to revenue and mitigate margin headwinds (though acknowledging continued cost inflation); (2) volume declines prove better-than-expected as affordability measures (e.g., Apple Upgrade program), new product innovation (e.g., Siri AI, new Mac, iPad, home products), and education & enterprise share gains help mitigate price-volume elasticity; and (3) Services growth stabilizes from increased demand for iCloud+ (tokens) and AppleCare+ (product momentum).”

This research note is reproduced verbatim from the issuing firm. Price Target never edits, paraphrases or alters analysts’ words — we only republish them in one place.