Apple (AAPL) Stock: One Week to Earnings and Goldman Is Still Bullish

TLDR

• Goldman Sachs maintained its Buy rating and $330 price target on Apple ahead of its April 30 earnings report.
• Analyst Michael Ng forecasts Q2 FY2026 EPS of $2.00, above the $1.93 consensus estimate.
• AAPL is down 4% year-to-date, weighed down by surging DRAM prices caused by AI-driven supply shortages.
• Apple captured a 21% global smartphone market share in Q1 2026 — its first time leading in a first quarter.
• WWDC 2026 (June 8–12) is seen as the next major catalyst, with a redesigned Siri and rumored iPhone Fold expected.

Apple is heading into its April 30 earnings report under pressure, but Goldman Sachs isn’t blinking. The Wall Street firm reiterated its Buy rating and $330 price target on the stock, with analyst Michael Ng making the case that recent weakness looks more like an opportunity than a red flag.

Apple Inc., AAPL

AAPL is down 4% year-to-date, a stark contrast to the S&P 500’s 2% gain over the same period. The drag has come largely from rising DRAM prices, which have surged since Fall 2025 due to AI-related supply shortages across the memory chip market.

Ng’s EPS forecast for the fiscal second quarter stands at $2.00, ahead of the Street’s $1.93 consensus. He expects strength in iPhone and Mac revenue, better-than-expected gross margins, and a favorable currency backdrop to drive the beat.

Apple’s gross profit margin sits at 47.3% over the last twelve months, underlining its pricing power even as component costs rise. The company is also actively working to lock in mobile DRAM supply, a move Goldman says helps protect both margins and market share.

Services Growth Remains Steady

On the Services side, Goldman sees 14% year-over-year revenue growth, led by iCloud+, AppleCare+, and advertising. App Store growth has been more modest — UBS pegged it at around 7% in the March quarter, with flat growth in the US — but the broader Services mix continues to expand.

Bank of America separately raised its price target on AAPL to $325, also citing strong iPhone sales and the potential for an earnings beat. UBS, meanwhile, held its Neutral rating with a $280 target.

In the smartphone market, Apple’s positioning looks solid. The company captured 21% global market share in Q1 2026 — the first time it has led the market in a first quarter. iPhone 17 demand and trade-in programs drove the gains, with strong performance in China, India, and Japan.

TSMC’s latest earnings call confirmed outperformance in high-end smartphones, data Goldman cited as supporting evidence for its Apple view. iPhone market share gains in China were also flagged as a positive signal.

WWDC and the iPhone Fold in Focus

Beyond earnings, investors are watching WWDC 2026, scheduled for June 8–12. Apple is expected to debut a redesigned, chatbot-like Siri as part of its AI push.

Hardware speculation is also building. Goldman expects the Fall 2026 iPhone lineup to include the iPhone Fold, a long-rumored foldable device that could open a new product category for the company.

Cirrus Logic was named a partner in Apple’s American Manufacturing Program alongside GlobalFoundries. Stifel responded by raising its Cirrus Logic price target to $175 while keeping a Buy rating.

Wall Street’s consensus on AAPL is a Moderate Buy, based on 16 Buy ratings, 8 Holds, and 1 Sell. The average price target of $304.85 implies about 12.8% upside from current levels.

Apple reports after the bell on April 30.

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