Key Takeaways
- Goldman Sachs continues to rate Apple as a Buy with a $330 price objective heading into the April 30 earnings announcement.
- Michael Ng, the firm’s analyst, projects Q2 FY2026 earnings per share at $2.00, surpassing the consensus view of $1.93.
- Shares have declined 4% since the start of the year, pressured by elevated DRAM pricing stemming from AI-driven memory chip constraints.
- The company achieved a 21% share of worldwide smartphone shipments in Q1 2026 — marking its first-ever leadership position in an opening quarter.
- The upcoming WWDC 2026 event (June 8–12) represents the next significant catalyst, featuring a reimagined Siri and potential unveiling of the iPhone Fold.
As Apple approaches its April 30 quarterly results, the tech giant faces mounting scrutiny. Goldman Sachs, however, maintains its conviction. The investment bank has reaffirmed its Buy recommendation alongside a $330 price objective, with analyst Michael Ng arguing that current share price weakness presents a buying opportunity rather than cause for concern.
Shares have retreated 4% since January, trailing the S&P 500’s 2% advance during the same timeframe. The primary headwind stems from escalating DRAM costs, which have climbed significantly since autumn 2025 as artificial intelligence applications strain memory chip availability across the industry.
For the fiscal second quarter, Ng’s earnings per share estimate reaches $2.00, topping Wall Street’s collective projection of $1.93. His outlook anticipates robust iPhone and Mac sales, gross margin performance exceeding expectations, and supportive foreign exchange conditions contributing to the outperformance.
Apple’s gross profit margin stands at 47.3% across the trailing twelve months, demonstrating sustained pricing strength even as input costs climb. The company has also moved aggressively to secure mobile DRAM supply contracts, a strategic initiative Goldman believes will safeguard both profitability and competitive position.
Services Segment Maintains Momentum
Within the Services division, Goldman anticipates 14% revenue expansion compared to the prior year, propelled by iCloud+, AppleCare+, and advertising revenue streams. App Store growth has shown more restrained momentum — UBS estimated approximately 7% growth during the March quarter, with flat performance domestically — yet the overall Services portfolio continues advancing.
Bank of America independently lifted its price objective on AAPL to $325, similarly highlighting solid iPhone sales trends and the likelihood of an earnings surprise. UBS maintained its Neutral stance with a $280 valuation.
In the global handset arena, Apple’s competitive standing appears robust. The company secured 21% of worldwide smartphone shipments during Q1 2026 — representing its inaugural first-quarter market leadership. iPhone 17 adoption coupled with trade-in initiatives fueled the advancement, with particularly strong results across China, India, and Japan.
TSMC’s recent quarterly discussion highlighted exceptional performance in premium smartphone chips, evidence Goldman referenced as corroboration for its bullish Apple thesis. Market share expansion in China was additionally cited as an encouraging indicator.
Developer Conference and Foldable Device Speculation Build
Looking past the immediate earnings event, market participants are focusing on WWDC 2026, slated for June 8–12. Apple is anticipated to introduce a completely reimagined Siri featuring conversational AI capabilities as part of its broader artificial intelligence strategy.
Hardware rumors are simultaneously intensifying. Goldman forecasts the Fall 2026 iPhone portfolio will incorporate the iPhone Fold, a frequently discussed foldable smartphone that could establish an entirely new product segment for the corporation.
Cirrus Logic received designation as a collaborator in Apple’s American Manufacturing Program together with GlobalFoundries. Stifel responded by elevating its Cirrus Logic price objective to $175 while maintaining a Buy recommendation.
The Street’s aggregate view on AAPL registers as a Moderate Buy, derived from 16 Buy recommendations, 8 Hold ratings, and 1 Sell opinion. The mean price objective of $304.85 suggests approximately 12.8% appreciation potential from present trading levels.
Apple will announce quarterly results following market close on April 30.
